Investment House LLC Sells 4,090 Shares of 3M Company $MMM

Investment House LLC reduced its position in shares of 3M Company (NYSE:MMM) by 68.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,902 shares of the conglomerate’s stock after selling 4,090 shares during the quarter. Investment House LLC’s holdings in 3M were worth $312,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. State Street Corp grew its holdings in 3M by 0.4% in the 2nd quarter. State Street Corp now owns 27,828,966 shares of the conglomerate’s stock worth $4,505,788,000 after acquiring an additional 105,222 shares during the last quarter. Amundi increased its position in shares of 3M by 67.0% in the second quarter. Amundi now owns 4,536,148 shares of the conglomerate’s stock valued at $734,448,000 after acquiring an additional 1,819,178 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of 3M by 7.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,935,534 shares of the conglomerate’s stock valued at $637,202,000 after acquiring an additional 270,458 shares during the last quarter. National Pension Service raised its stake in shares of 3M by 3.6% during the second quarter. National Pension Service now owns 1,401,543 shares of the conglomerate’s stock valued at $226,924,000 after acquiring an additional 48,167 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH raised its stake in shares of 3M by 1.2% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 376,784 shares of the conglomerate’s stock valued at $61,849,000 after acquiring an additional 4,628 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling

In other 3M news, insider Karin Chavez sold 3,635 shares of 3M stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $182.51, for a total transaction of $663,423.85. Following the sale, the insider directly owned 14,035 shares of the company’s stock, valued at approximately $2,561,527.85. The trade was a 20.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.19% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on MMM shares. HSBC upgraded shares of 3M to a “strong-buy” rating in a report on Thursday. Weiss Ratings upgraded 3M from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday. JPMorgan Chase & Co. upped their price target on 3M from $185.00 to $191.00 and gave the company an “overweight” rating in a research report on Wednesday. Raymond James Financial reiterated a “market perform” rating on shares of 3M in a report on Wednesday. Finally, Wolfe Research reiterated an “outperform” rating on shares of 3M in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $185.36.

3M Trading Down 1.1%

NYSE:MMM opened at $173.62 on Friday. The company has a 50-day moving average price of $168.84 and a 200-day moving average price of $162.21. 3M Company has a 12 month low of $139.34 and a 12 month high of $184.90. The company has a current ratio of 1.41, a quick ratio of 0.91 and a debt-to-equity ratio of 3.01. The stock has a market cap of $89.72 billion, a price-to-earnings ratio of 25.88, a P/E/G ratio of 2.29 and a beta of 0.99.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.12. 3M had a net margin of 14.01% and a return on equity of 123.11%. The firm had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. During the same quarter in the previous year, the firm posted $2.19 EPS. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. Equities analysts predict that 3M Company will post 9.14 EPS for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Monday, August 24th were issued a $0.78 dividend. The ex-dividend date was Monday, August 24th. This represents a $3.12 annualized dividend and a yield of 1.8%. 3M’s dividend payout ratio (DPR) is 46.50%.

3M Profile

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.