3M (NYSE:MMM) Stake Trimmed by Prospect Financial Services LLC

Prospect Financial Services LLC lessened its stake in shares of 3M (NYSE:MMM) by 37.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,642 shares of the conglomerate’s stock after selling 1,553 shares during the period. Prospect Financial Services LLC’s holdings in 3M were worth $361,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Capital World Investors purchased a new stake in shares of 3M in the 1st quarter valued at approximately $165,986,000. National Bank of Canada FI lifted its holdings in shares of 3M by 218.3% in the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after purchasing an additional 1,021,440 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of 3M by 1,015.6% in the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after purchasing an additional 808,914 shares in the last quarter. Electron Capital Partners LLC acquired a new stake in shares of 3M in the second quarter worth $76,732,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of 3M by 11.8% during the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after buying an additional 533,520 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

Shares of NYSE MMM opened at $135.75 on Wednesday. The business’s 50-day simple moving average is $131.97 and its 200-day simple moving average is $111.97. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a 52 week low of $71.12 and a 52 week high of $140.72. The firm has a market cap of $75.12 billion, a price-to-earnings ratio of -10.67, a P/E/G ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM) last announced its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The company had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter last year, the company posted $2.17 earnings per share. As a group, equities research analysts expect that 3M will post 7.24 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently declared 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 2.06%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio (DPR) is -22.01%.

Insider Transactions at 3M

In related news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred 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 completion of the sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of research reports. Royal Bank of Canada raised their price objective on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. Citigroup raised their price target on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Barclays upped their price objective on shares of 3M from $145.00 to $160.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. Bank of America lifted their target price on shares of 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Finally, Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research note on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $127.64.

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.