Kornitzer Capital Management Inc. KS Sells 5,065 Shares of 3M (NYSE:MMM)

Kornitzer Capital Management Inc. KS decreased its stake in 3M (NYSE:MMM) by 12.0% in the 2nd quarter, Holdings Channel.com reports. The fund owned 37,159 shares of the conglomerate’s stock after selling 5,065 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in 3M were worth $3,797,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Tributary Capital Management LLC bought a new position in 3M in the first quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after buying an additional 197 shares during the last quarter. MFA Wealth Advisors LLC bought a new position in shares of 3M in the second quarter valued at $28,000. Northwest Investment Counselors LLC acquired a new position in 3M during the first quarter worth $32,000. Finally, TruNorth Capital Management LLC bought a new stake in 3M during the second quarter worth $33,000. Institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Royal Bank of Canada boosted their price target on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, July 30th. HSBC upgraded 3M from a “hold” rating to a “buy” rating and lifted their target price for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. Finally, Citigroup raised their price target on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and an average target price of $124.38.

Insider Activity

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

3M Stock Down 0.6 %

MMM opened at $131.40 on Friday. The stock has a fifty day moving average of $117.95 and a 200-day moving average of $104.73. The company has a market capitalization of $72.71 billion, a P/E ratio of -10.33, a P/E/G ratio of 2.49 and a beta of 0.95. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $134.99. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36.

3M (NYSE:MMM) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the previous year, the company earned $2.17 EPS. On average, equities analysts expect that 3M will post 7.2 EPS for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 26th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.13%. 3M’s dividend payout ratio is presently -22.01%.

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.