Bluefin Capital Management LLC Has $340,000 Stake in 3M (NYSE:MMM)

Bluefin Capital Management LLC lessened its stake in shares of 3M (NYSE:MMM) by 18.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,766 shares of the conglomerate’s stock after selling 409 shares during the period. Bluefin Capital Management LLC’s holdings in 3M were worth $340,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in MMM. Pendal Group Limited lifted its position in shares of 3M by 103,772.8% during the 1st quarter. Pendal Group Limited now owns 5,826,225 shares of the conglomerate’s stock valued at $1,122,670,000 after acquiring an additional 5,820,616 shares during the period. Norges Bank acquired a new position in 3M during the fourth quarter worth $490,349,000. Geode Capital Management LLC raised its holdings in 3M by 11.8% during the first quarter. Geode Capital Management LLC now owns 9,843,874 shares of the conglomerate’s stock worth $1,892,169,000 after buying an additional 1,036,538 shares during the last quarter. Amundi Asset Management US Inc. raised its holdings in 3M by 94.3% during the first quarter. Amundi Asset Management US Inc. now owns 1,787,435 shares of the conglomerate’s stock worth $344,404,000 after buying an additional 867,458 shares during the last quarter. Finally, Flossbach Von Storch AG raised its holdings in 3M by 8.8% during the first quarter. Flossbach Von Storch AG now owns 9,713,725 shares of the conglomerate’s stock worth $1,871,641,000 after buying an additional 781,642 shares during the last quarter. Institutional investors own 66.59% of the company’s stock.

Several research analysts have weighed in on the stock. Wolfe Research downgraded shares of 3M from a “peer perform” rating to an “underperform” rating and lowered their price objective for the stock from $218.00 to $215.00 in a report on Monday, July 12th. Credit Suisse Group downgraded shares of 3M from an “outperform” rating to a “neutral” rating and upped their price objective for the stock from $210.00 to $212.00 in a report on Tuesday, July 6th. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $206.00 price objective on the stock in a report on Thursday, April 29th. Royal Bank of Canada upped their target price on shares of 3M from $198.00 to $200.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 28th. Finally, Morgan Stanley upped their target price on shares of 3M from $188.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Monday, April 12th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $195.17.

In other 3M news, VP Ivan K. Fong sold 12,059 shares of the company’s stock in a transaction dated Friday, April 30th. The shares were sold at an average price of $198.46, for a total transaction of $2,393,229.14. Following the sale, the vice president now directly owns 47,872 shares of the company’s stock, valued at $9,500,677.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.34% of the stock is currently owned by corporate insiders.

MMM traded down $1.33 during trading on Thursday, hitting $199.44. 4,033 shares of the company traded hands, compared to its average volume of 2,353,665. The firm has a market capitalization of $115.61 billion, a price-to-earnings ratio of 20.49, a P/E/G ratio of 2.16 and a beta of 0.96. The firm’s fifty day moving average price is $200.31. The company has a current ratio of 1.83, a quick ratio of 1.30 and a debt-to-equity ratio of 1.22. 3M has a one year low of $148.80 and a one year high of $208.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Monday, April 26th. The conglomerate reported $2.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.29 by $0.48. The company had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.43 billion. 3M had a net margin of 17.34% and a return on equity of 44.00%. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.16 earnings per share. On average, research analysts anticipate that 3M will post 9.78 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Saturday, June 12th. Investors of record on Friday, May 21st were given a dividend of $1.48 per share. The ex-dividend date of this dividend was Thursday, May 20th. This represents a $5.92 annualized dividend and a yield of 2.97%. 3M’s payout ratio is currently 67.73%.

3M Profile

3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

See Also: Environmental, Social, and Governance (ESG) Investing

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

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