Angeles Investment Advisors LLC Reduces Holdings in 3M (NYSE:MMM)

Angeles Investment Advisors LLC lessened its position in shares of 3M (NYSE:MMM) by 14.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,450 shares of the conglomerate’s stock after selling 250 shares during the period. Angeles Investment Advisors LLC’s holdings in 3M were worth $279,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MMM. IronBridge Private Wealth LLC purchased a new stake in 3M during the 4th quarter worth about $26,000. Goodwin Investment Advisory purchased a new stake in shares of 3M in the 1st quarter valued at about $33,000. Better Money Decisions LLC purchased a new stake in shares of 3M in the 1st quarter valued at about $38,000. Lederer & Associates Investment Counsel CA purchased a new stake in shares of 3M in the 1st quarter valued at about $52,000. Finally, Tacita Capital Inc purchased a new stake in shares of 3M in the 4th quarter valued at about $71,000. 66.59% of the stock is currently owned by hedge funds and other institutional investors.

In related news, VP Ivan K. Fong sold 12,059 shares of the company’s stock in a transaction dated Friday, April 30th. The stock was sold at an average price of $198.46, for a total transaction of $2,393,229.14. Following the transaction, the vice president now directly owns 47,872 shares of the company’s stock, valued at approximately $9,500,677.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.34% of the company’s stock.

NYSE MMM traded down $1.78 on Thursday, reaching $198.99. 18,088 shares of the stock traded hands, compared to its average volume of 2,353,665. The company has a current ratio of 1.83, a quick ratio of 1.30 and a debt-to-equity ratio of 1.22. The stock’s fifty day simple moving average is $200.31. The company has a market cap of $115.35 billion, a P/E ratio of 20.49, a price-to-earnings-growth ratio of 2.16 and a beta of 0.96. 3M has a 12 month low of $148.80 and a 12 month high of $208.95.

3M (NYSE:MMM) last released its quarterly earnings results on Monday, April 26th. The conglomerate reported $2.77 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.29 by $0.48. The firm had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.43 billion. 3M had a return on equity of 44.00% and a net margin of 17.34%. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.16 EPS. Equities analysts anticipate that 3M will post 9.78 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Saturday, June 12th. Stockholders of record on Friday, May 21st were given a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend was Thursday, May 20th. 3M’s payout ratio is 67.73%.

MMM has been the topic of several recent research reports. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $206.00 price objective on the stock in a research report on Thursday, April 29th. Royal Bank of Canada lifted their price objective on 3M from $198.00 to $200.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 28th. Deutsche Bank Aktiengesellschaft cut their price objective on 3M from $199.00 to $196.00 and set a “hold” rating on the stock in a research report on Wednesday, July 14th. Morgan Stanley raised their target price on 3M from $188.00 to $200.00 and gave the company an “equal weight” rating in a research note on Monday, April 12th. Finally, Credit Suisse Group cut 3M from an “outperform” rating to a “neutral” rating and raised their target price for the company from $210.00 to $212.00 in a research note on Tuesday, July 6th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. 3M presently has a consensus rating of “Hold” and a consensus price target of $195.17.

3M Company Profile

3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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