3M (NYSE:MMM) Holdings Trimmed by HM Payson & Co.

HM Payson & Co. lowered its position in 3M (NYSE:MMM) by 1.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,891 shares of the conglomerate’s stock after selling 380 shares during the quarter. HM Payson & Co.’s holdings in 3M were worth $2,993,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Capital World Investors acquired a new stake in shares of 3M during the 1st quarter valued at about $165,986,000. International Assets Investment Management LLC grew its stake in shares of 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after purchasing an additional 1,250,491 shares during the period. National Bank of Canada FI raised its position in shares of 3M by 218.3% in the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after acquiring an additional 1,021,440 shares during the period. Janus Henderson Group PLC increased its holdings in shares of 3M by 1,015.6% in the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after acquiring an additional 808,914 shares in the last quarter. Finally, Electron Capital Partners LLC acquired a new position in 3M in the 2nd quarter worth $76,732,000. 65.25% of the stock is owned by institutional investors.

3M Stock Up 0.3 %

Shares of MMM stock traded up $0.44 during trading hours on Thursday, reaching $128.00. 134,170 shares of the company’s stock were exchanged, compared to its average volume of 4,907,339. The stock’s fifty day moving average price is $133.07 and its two-hundred day moving average price is $114.80. The stock has a market cap of $70.83 billion, a PE ratio of -10.03, a PEG ratio of 2.42 and a beta of 0.95. 3M has a 1 year low of $74.51 and a 1 year high of $141.34. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period last year, the business earned $2.68 earnings per share. 3M’s quarterly revenue was down 24.3% on a year-over-year basis. Research analysts predict that 3M will post 7.26 EPS for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.19%. 3M’s payout ratio is currently -22.01%.

Insider Activity at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and increased their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Mizuho raised their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Barclays boosted their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Morgan Stanley initiated coverage on 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Finally, StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, 3M has an average rating of “Hold” and a consensus target price of $139.27.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.