3M Co (MMM) Holdings Lowered by Midwest Professional Planners LTD.

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Midwest Professional Planners LTD. trimmed its stake in shares of 3M Co (NYSE:MMM) by 46.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,912 shares of the conglomerate’s stock after selling 1,674 shares during the quarter. Midwest Professional Planners LTD.’s holdings in 3M were worth $376,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the business. Avestar Capital LLC raised its holdings in shares of 3M by 161.2% in the 2nd quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock worth $130,000 after purchasing an additional 432 shares in the last quarter. Stephens Inc. AR raised its holdings in shares of 3M by 4.4% in the 2nd quarter. Stephens Inc. AR now owns 60,497 shares of the conglomerate’s stock worth $11,901,000 after purchasing an additional 2,543 shares in the last quarter. Highstreet Asset Management Inc. raised its holdings in shares of 3M by 32.0% in the 2nd quarter. Highstreet Asset Management Inc. now owns 184,577 shares of the conglomerate’s stock worth $36,310,000 after purchasing an additional 44,714 shares in the last quarter. AGF Investments Inc. raised its holdings in shares of 3M by 39.3% in the 2nd quarter. AGF Investments Inc. now owns 406,605 shares of the conglomerate’s stock worth $79,987,000 after purchasing an additional 114,780 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board raised its holdings in shares of 3M by 112.3% in the 2nd quarter. Ontario Teachers Pension Plan Board now owns 232,237 shares of the conglomerate’s stock worth $45,686,000 after purchasing an additional 122,839 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

In related news, insider Eric D. Hammes sold 1,272 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the transaction, the insider now directly owns 5,634 shares of the company’s stock, valued at $1,216,944. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jon T. Lindekugel sold 6,410 shares of the business’s stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $203.01, for a total transaction of $1,301,294.10. The disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.

A number of research firms recently commented on MMM. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a report on Tuesday, September 11th. UBS Group lifted their target price on shares of 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, August 30th. Citigroup set a $263.00 target price on shares of 3M and gave the stock a “buy” rating in a research report on Saturday, June 9th. Morgan Stanley started coverage on shares of 3M in a research report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 target price on the stock. Finally, Barclays dropped their target price on shares of 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 25th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $234.97.

3M stock opened at $207.88 on Friday. 3M Co has a fifty-two week low of $190.57 and a fifty-two week high of $259.77. The company has a market capitalization of $121.26 billion, a PE ratio of 21.71, a PEG ratio of 1.96 and a beta of 1.16. The company has a current ratio of 1.56, a quick ratio of 1.08 and a debt-to-equity ratio of 1.08.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $2.59 EPS for the quarter, beating the Zacks’ consensus estimate of $2.58 by $0.01. 3M had a net margin of 13.44% and a return on equity of 51.31%. The firm had revenue of $8.39 billion for the quarter, compared to the consensus estimate of $8.36 billion. During the same period in the previous year, the firm posted $2.58 earnings per share. The firm’s revenue was up 7.4% on a year-over-year basis. equities research analysts predict that 3M Co will post 10.37 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 12th. Investors of record on Friday, August 24th were given a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date was Thursday, August 23rd. 3M’s payout ratio is presently 59.32%.

About 3M

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

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

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