Monarch Capital Management Inc. Lowers Stock Holdings in 3M (NYSE:MMM)

Monarch Capital Management Inc. decreased its holdings in 3M (NYSE:MMM) by 1.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 32,757 shares of the conglomerate’s stock after selling 452 shares during the quarter. Monarch Capital Management Inc.’s holdings in 3M were worth $3,347,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MMM. RWA Wealth Partners LLC increased its position in shares of 3M by 436.0% during the fourth quarter. RWA Wealth Partners LLC now owns 28,740 shares of the conglomerate’s stock worth $3,142,000 after acquiring an additional 23,378 shares during the period. Harvest Fund Management Co. Ltd raised its position in 3M by 505.9% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 1,242 shares of the conglomerate’s stock valued at $136,000 after purchasing an additional 1,037 shares in the last quarter. Alaska Permanent Fund Corp purchased a new position in shares of 3M in the 4th quarter valued at about $446,000. Wynn Capital LLC acquired a new position in shares of 3M during the fourth quarter worth about $1,245,000. Finally, Disciplined Equity Management Inc. increased its stake in shares of 3M by 1.2% during the fourth quarter. Disciplined Equity Management Inc. now owns 15,058 shares of the conglomerate’s stock worth $1,646,000 after buying an additional 180 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

NYSE:MMM traded up $1.95 during trading hours on Friday, reaching $130.55. 2,618,842 shares of the company traded hands, compared to its average volume of 5,267,496. 3M has a 1-year low of $71.12 and a 1-year high of $130.65. The stock has a market cap of $72.24 billion, a P/E ratio of -10.26, a P/E/G ratio of 2.34 and a beta of 0.95. The firm’s 50-day moving average is $112.44 and its 200-day moving average is $102.33. 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 posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The firm had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter last year, the business posted $2.17 EPS. Equities research analysts expect that 3M will post 7.21 earnings per share for the current fiscal year.

3M Dividend Announcement

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

Insider Buying and Selling at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction 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 sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

MMM has been the subject of a number of analyst reports. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and increased their price objective for the company from $110.00 to $150.00 in a report on Monday, July 29th. Barclays boosted their target price on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research note on Thursday, June 13th. Finally, Royal Bank of Canada raised their price objective on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a report on Monday, July 29th. 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $123.57.

3M 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.