Sippican Capital Advisors Decreases Stock Holdings in 3M (NYSE:MMM)

Sippican Capital Advisors cut its holdings in 3M (NYSE:MMM) by 7.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 21,186 shares of the conglomerate’s stock after selling 1,614 shares during the quarter. 3M accounts for approximately 2.0% of Sippican Capital Advisors’ investment portfolio, making the stock its 14th largest position. Sippican Capital Advisors’ holdings in 3M were worth $2,896,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of MMM. McClarren Financial Advisors Inc. lifted its holdings in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares during the last quarter. MFA Wealth Advisors LLC bought a new position in shares of 3M during the 2nd quarter valued at approximately $28,000. Meeder Asset Management Inc. raised its holdings in 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares during the period. TruNorth Capital Management LLC purchased a new position in 3M during the 2nd quarter valued at about $33,000. Finally, Gradient Investments LLC raised its holdings in shares of 3M by 44.7% in the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock valued at $36,000 after purchasing an additional 110 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Bank of America boosted their price objective on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada raised their price objective on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. Citigroup boosted their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Morgan Stanley initiated coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their target price on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, 3M presently has an average rating of “Hold” and a consensus target price of $139.27.

Insider Buying and Selling at 3M

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

3M Trading Up 0.3 %

Shares of NYSE:MMM traded up $0.44 during mid-day trading on Thursday, reaching $128.00. 131,407 shares of the company were exchanged, compared to its average volume of 4,907,326. 3M has a 1 year low of $74.51 and a 1 year high of $141.34. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The firm’s 50-day simple moving average is $133.07 and its 200 day simple moving average is $114.80. The firm has a market cap of $70.83 billion, a price-to-earnings ratio of -10.03, a P/E/G ratio of 2.42 and a beta of 0.95.

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

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a dividend of $0.70 per share. 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 dividend payout ratio (DPR) is presently -22.01%.

3M Profile

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.