Brave Asset Management Inc. Decreases Stock Holdings in 3M (NYSE:MMM)

Brave Asset Management Inc. trimmed its stake in shares of 3M (NYSE:MMMGet Rating) by 12.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,060 shares of the conglomerate’s stock after selling 1,273 shares during the period. Brave Asset Management Inc.’s holdings in 3M were worth $1,172,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Sigma Investment Counselors Inc. grew its position in 3M by 16.7% during the second quarter. Sigma Investment Counselors Inc. now owns 1,678 shares of the conglomerate’s stock valued at $217,000 after buying an additional 240 shares during the period. McKinley Carter Wealth Services Inc. boosted its position in shares of 3M by 3.0% in the second quarter. McKinley Carter Wealth Services Inc. now owns 10,615 shares of the conglomerate’s stock worth $1,374,000 after purchasing an additional 312 shares during the period. Westshore Wealth LLC boosted its position in shares of 3M by 2.5% in the second quarter. Westshore Wealth LLC now owns 4,159 shares of the conglomerate’s stock worth $538,000 after purchasing an additional 102 shares during the period. HB Wealth Management LLC boosted its position in shares of 3M by 27.4% in the second quarter. HB Wealth Management LLC now owns 18,140 shares of the conglomerate’s stock worth $2,348,000 after purchasing an additional 3,897 shares during the period. Finally, Gilman Hill Asset Management LLC boosted its position in shares of 3M by 26.7% in the second quarter. Gilman Hill Asset Management LLC now owns 65,910 shares of the conglomerate’s stock worth $8,529,000 after purchasing an additional 13,870 shares during the period. 64.90% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

Shares of 3M stock traded down $2.27 during midday trading on Friday, hitting $111.87. The company had a trading volume of 153,515 shares, compared to its average volume of 21,039,812. The stock has a market cap of $63.72 billion, a price-to-earnings ratio of 15.66, a PEG ratio of 1.16 and a beta of 0.99. The company has a quick ratio of 0.90, a current ratio of 1.47 and a debt-to-equity ratio of 1.01. The company has a fifty day simple moving average of $133.60 and a 200 day simple moving average of $140.01. 3M has a 12-month low of $113.43 and a 12-month high of $186.30.

3M (NYSE:MMMGet Rating) last posted its quarterly earnings results on Tuesday, July 26th. The conglomerate reported $2.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.41 by $0.07. 3M had a net margin of 11.83% and a return on equity of 39.11%. The company had revenue of $8.70 billion during the quarter, compared to analyst estimates of $8.70 billion. During the same period last year, the firm posted $2.59 EPS. 3M’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, analysts predict that 3M will post 10.42 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Monday, August 22nd were issued a dividend of $1.49 per share. This represents a $5.96 annualized dividend and a dividend yield of 5.33%. The ex-dividend date was Friday, August 19th. 3M’s dividend payout ratio (DPR) is 83.24%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of research reports. Credit Suisse Group upped their target price on shares of 3M from $157.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 27th. Bank of America dropped their target price on shares of 3M from $165.00 to $140.00 in a research report on Friday, September 2nd. Citigroup upped their target price on shares of 3M from $136.00 to $145.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 27th. Mizuho upped their target price on shares of 3M from $130.00 to $140.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 27th. Finally, Jefferies Financial Group decreased their price target on shares of 3M from $161.00 to $145.00 in a research note on Thursday, June 16th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $147.43.

Insider Activity

In related news, EVP John Patrick Banovetz sold 3,145 shares of 3M stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $150.32, for a total value of $472,756.40. Following the sale, the executive vice president now owns 14,084 shares of the company’s stock, valued at approximately $2,117,106.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP John Patrick Banovetz sold 3,145 shares of 3M stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $150.32, for a total value of $472,756.40. Following the sale, the executive vice president now owns 14,084 shares of the company’s stock, valued at approximately $2,117,106.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Theresa E. Reinseth sold 795 shares of 3M stock in a transaction on Monday, August 1st. The shares were sold at an average price of $143.32, for a total transaction of $113,939.40. Following the completion of the sale, the chief accounting officer now directly owns 1,603 shares in the company, valued at approximately $229,741.96. The disclosure for this sale can be found here. Insiders sold a total of 46,121 shares of company stock valued at $6,644,865 in the last three months. 0.34% of the stock is currently owned by corporate insiders.

About 3M

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3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

See Also

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

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