Gladstone Institutional Advisory LLC Reduces Stock Position in 3M (NYSE:MMM)

Gladstone Institutional Advisory LLC reduced its holdings in 3M (NYSE:MMM) by 20.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,524 shares of the conglomerate’s stock after selling 5,044 shares during the period. Gladstone Institutional Advisory LLC’s holdings in 3M were worth $2,669,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in MMM. McClarren Financial Advisors Inc. lifted its holdings in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares in the last quarter. MFA Wealth Advisors LLC bought a new stake in shares of 3M in the 2nd quarter valued at about $28,000. Meeder Asset Management Inc. grew its position in 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the last quarter. TruNorth Capital Management LLC purchased a new stake in 3M during the 2nd quarter worth approximately $33,000. Finally, Gradient Investments LLC boosted its holdings in shares of 3M by 44.7% in the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock valued at $36,000 after acquiring an additional 110 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

MMM opened at $127.22 on Friday. The stock has a market cap of $69.28 billion, a P/E ratio of 16.06, a P/E/G ratio of 2.06 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The stock’s 50 day simple moving average is $133.00 and its 200 day simple moving average is $115.14. 3M has a 1-year low of $75.40 and a 1-year high of $141.34.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company’s revenue was down 24.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.68 EPS. As a group, equities analysts anticipate that 3M will post 7.28 EPS for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Mizuho boosted their target price on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their target price for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research report on Tuesday, October 22nd. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, July 30th. Finally, Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $139.27.

Insider Buying and Selling at 3M

In other 3M news, 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 sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’s 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 $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’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 sale, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

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.