3M (NYSE:MMM) Shares Sold by Slocum Gordon & Co LLP

Slocum Gordon & Co LLP reduced its stake in 3M (NYSE:MMM) by 0.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,312 shares of the conglomerate’s stock after selling 125 shares during the period. 3M makes up about 1.1% of Slocum Gordon & Co LLP’s investment portfolio, making the stock its 27th biggest holding. Slocum Gordon & Co LLP’s holdings in 3M were worth $1,463,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Tributary Capital Management LLC acquired a new stake in 3M in the 1st quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. grew its stake in shares of 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 197 shares in the last quarter. MFA Wealth Advisors LLC acquired a new stake in shares of 3M during the second quarter valued at about $28,000. Northwest Investment Counselors LLC acquired a new stake in shares of 3M during the first quarter valued at about $32,000. Finally, TruNorth Capital Management LLC acquired a new stake in shares of 3M during the second quarter valued at about $33,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred on 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 owns 174,036 shares in the company, valued at $21,486,484.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred on 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 owns 174,036 shares in the company, valued at $21,486,484.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on Tuesday, August 6th. The stock was 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 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 Price Performance

NYSE MMM opened at $131.09 on Friday. 3M has a 12 month low of $71.12 and a 12 month high of $134.99. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The firm has a market capitalization of $72.54 billion, a PE ratio of -10.33, a P/E/G ratio of 2.49 and a beta of 0.95. The company’s 50 day simple moving average is $117.95 and its 200 day simple moving average is $104.73.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $5.85 billion. During the same quarter last year, the business earned $2.17 earnings per share. As a group, equities research analysts forecast that 3M will post 7.2 EPS for the current fiscal year.

3M Announces Dividend

The business 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 dividend of $0.70 per share. The ex-dividend date of this dividend is Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.14%. 3M’s dividend payout ratio is presently -22.01%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. HSBC upgraded 3M from a “hold” rating to a “buy” rating and raised their target price for the company from $91.13 to $115.00 in a research note on Friday, May 10th. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price for the company in a research note on Thursday, June 13th. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, July 30th. Finally, Morgan Stanley assumed coverage on shares of 3M in a research report on Friday. They set an “underweight” rating and a $125.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $124.43.

3M Company 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.