Bay Colony Advisory Group Inc d b a Bay Colony Advisors Cuts Holdings in 3M (NYSE:MMM)

Bay Colony Advisory Group Inc d b a Bay Colony Advisors decreased its stake in shares of 3M (NYSE:MMM) by 22.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,501 shares of the conglomerate’s stock after selling 727 shares during the quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors’ holdings in 3M were worth $256,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tributary Capital Management LLC acquired a new position in shares of 3M during the 1st quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. boosted its position in shares of 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 197 shares in the last quarter. MFA Wealth Advisors LLC acquired a new position in shares of 3M during the 2nd quarter worth about $28,000. Northwest Investment Counselors LLC acquired a new position in shares of 3M during the 1st quarter worth about $32,000. Finally, TruNorth Capital Management LLC acquired a new position in shares of 3M during the 2nd quarter worth about $33,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity at 3M

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the 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 sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the 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 sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The sale 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 stock in a transaction 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 owns 4,364 shares in the company, valued at approximately $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

3M Stock Performance

NYSE MMM opened at $130.54 on Friday. 3M has a 1-year low of $71.12 and a 1-year high of $130.65. The company has a market capitalization of $72.24 billion, a P/E ratio of -10.26, a PEG ratio of 2.34 and a beta of 0.95. The business has a 50 day moving average price of $112.44 and a 200 day moving average price of $102.27. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM) last released its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The firm had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same period last year, the business posted $2.17 EPS. Sell-side analysts expect that 3M will post 7.21 EPS for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 26th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s payout ratio is currently -22.01%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. HSBC raised 3M from a “hold” rating to a “buy” rating and upped their price objective for the stock from $91.13 to $115.00 in a research report on Friday, May 10th. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Wells Fargo & Company increased their price objective on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Barclays increased their price objective on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a research report on Thursday, June 13th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, 3M has an average rating of “Hold” and a consensus price target of $123.57.

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.