Atomi Financial Group Inc. Reduces Stock Position in 3M (NYSE:MMM)

Atomi Financial Group Inc. cut its stake in 3M (NYSE:MMM) by 2.1% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 5,228 shares of the conglomerate’s stock after selling 110 shares during the quarter. Atomi Financial Group Inc.’s holdings in 3M were worth $534,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MMM. AlphaStar Capital Management LLC increased its holdings in shares of 3M by 16.6% in the 2nd quarter. AlphaStar Capital Management LLC now owns 5,167 shares of the conglomerate’s stock worth $528,000 after buying an additional 736 shares during the last quarter. Verdence Capital Advisors LLC boosted its position in 3M by 14.3% in the 2nd quarter. Verdence Capital Advisors LLC now owns 17,544 shares of the conglomerate’s stock valued at $1,793,000 after buying an additional 2,201 shares during the period. Bank of New York Mellon Corp boosted its position in 3M by 11.8% in the 2nd 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 during the period. Bristlecone Advisors LLC boosted its position in 3M by 8.0% in the 2nd quarter. Bristlecone Advisors LLC now owns 18,900 shares of the conglomerate’s stock valued at $1,931,000 after buying an additional 1,402 shares during the period. Finally, Cypress Capital Group boosted its position in 3M by 40.2% in the 2nd quarter. Cypress Capital Group now owns 51,581 shares of the conglomerate’s stock valued at $5,271,000 after buying an additional 14,803 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Trading Down 0.3 %

Shares of 3M stock traded down $0.45 on Tuesday, hitting $131.40. 2,878,299 shares of the company’s stock traded hands, compared to its average volume of 5,244,834. The company has a fifty day moving average of $113.06 and a two-hundred day moving average of $102.66. 3M has a one year low of $71.12 and a one year high of $132.62. 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 company has a market capitalization of $72.71 billion, a price-to-earnings ratio of -10.33, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95.

3M (NYSE:MMM) last posted its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping 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 business had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same period in the previous year, the business earned $2.17 earnings per share. As a group, sell-side analysts expect that 3M will post 7.21 earnings per share for the current year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 26th will be given a $0.70 dividend. The ex-dividend date is Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.13%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MMM shares. Citigroup upped their price target on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. UBS Group raised their target price on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a report on Tuesday, July 30th. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Finally, Wells Fargo & Company boosted their price target on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $123.57.

Insider Activity

In related 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 value of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated 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 transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated 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. Insiders own 0.34% of the company’s stock.

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.