Everett Harris & Co. CA Sells 371 Shares of 3M (NYSE:MMM)

Everett Harris & Co. CA lowered its stake in 3M (NYSE:MMM) by 5.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,860 shares of the conglomerate’s stock after selling 371 shares during the quarter. Everett Harris & Co. CA’s holdings in 3M were worth $938,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MMM. RFG Advisory LLC raised its stake in shares of 3M by 86.9% in the 1st quarter. RFG Advisory LLC now owns 6,765 shares of the conglomerate’s stock valued at $718,000 after purchasing an additional 3,145 shares during the period. &PARTNERS boosted its position in 3M by 9.8% during the 1st quarter. &PARTNERS now owns 7,202 shares of the conglomerate’s stock worth $764,000 after acquiring an additional 641 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in shares of 3M during the 1st quarter worth approximately $32,000. Range Financial Group LLC raised its holdings in shares of 3M by 15.9% in the first quarter. Range Financial Group LLC now owns 7,523 shares of the conglomerate’s stock valued at $798,000 after purchasing an additional 1,034 shares during the last quarter. Finally, Southland Equity Partners LLC lifted its position in shares of 3M by 10.1% in the first quarter. Southland Equity Partners LLC now owns 2,127 shares of the conglomerate’s stock worth $226,000 after purchasing an additional 195 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

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 dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction 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 sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on MMM shares. Morgan Stanley began coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. Barclays upped their target price on 3M from $145.00 to $160.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Royal Bank of Canada raised their price target on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Mizuho upped their price objective on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and raised their target price for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, 3M has an average rating of “Hold” and an average price target of $130.57.

3M Price Performance

Shares of MMM opened at $135.14 on Friday. The company’s 50-day moving average is $132.67 and its 200-day moving average is $112.73. 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 $74.78 billion, a PE ratio of -10.62, a PEG ratio of 2.49 and a beta of 0.95. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $140.72.

3M (NYSE:MMM) last released its quarterly earnings results 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 net margin of 3.08% and a return on equity of 112.92%. The firm had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same period in the prior year, the firm earned $2.17 EPS. Equities analysts forecast that 3M will post 7.24 EPS for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio is -22.01%.

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.