Fiduciary Group LLC Sells 474 Shares of 3M (NYSE:MMM)

Fiduciary Group LLC cut its position in 3M (NYSE:MMM) by 10.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,165 shares of the conglomerate’s stock after selling 474 shares during the quarter. Fiduciary Group LLC’s holdings in 3M were worth $426,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Gilbert & Cook Inc. bought a new stake in shares of 3M in the fourth quarter valued at approximately $481,000. Aveo Capital Partners LLC purchased a new stake in shares of 3M during the fourth quarter worth $219,000. Quadrant Capital Group LLC boosted its holdings in shares of 3M by 12.3% in the fourth quarter. Quadrant Capital Group LLC now owns 4,200 shares of the conglomerate’s stock worth $459,000 after acquiring an additional 459 shares during the period. Great Lakes Advisors LLC grew its position in shares of 3M by 624.5% in the fourth quarter. Great Lakes Advisors LLC now owns 118,632 shares of the conglomerate’s stock valued at $12,969,000 after purchasing an additional 102,258 shares in the last quarter. Finally, Level Four Advisory Services LLC raised its stake in shares of 3M by 19.9% during the 4th quarter. Level Four Advisory Services LLC now owns 7,811 shares of the conglomerate’s stock valued at $854,000 after purchasing an additional 1,299 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of NYSE:MMM opened at $133.18 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The stock has a market cap of $73.16 billion, a PE ratio of -10.47, a PEG ratio of 2.41 and a beta of 0.95. The company’s fifty day moving average is $121.42 and its 200 day moving average is $106.44. 3M has a 52 week low of $71.12 and a 52 week high of $134.99.

3M (NYSE:MMM) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The company had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter in the previous year, the company posted $2.17 EPS. Research analysts anticipate that 3M will post 7.22 earnings per share for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is -22.01%.

Insider Buying and Selling

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Chairman Michael F. Roman sold 5,675 shares of 3M 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 sale, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction that occurred on 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 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 owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a report on Tuesday, July 30th. Bank of America increased their target price on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Morgan Stanley initiated coverage on shares of 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Barclays increased their price objective on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a research note on Thursday, June 13th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, 3M presently has a consensus rating of “Hold” and an average target price of $124.43.

About 3M

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.