Clearstead Trust LLC Sells 286 Shares of 3M (NYSE:MMM)

Clearstead Trust LLC reduced its stake in 3M (NYSE:MMM) by 14.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,752 shares of the conglomerate’s stock after selling 286 shares during the quarter. Clearstead Trust LLC’s holdings in 3M were worth $179,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in 3M by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after purchasing an additional 377,703 shares during the period. Bank of New York Mellon Corp raised its holdings 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 worth $517,617,000 after purchasing an additional 533,520 shares during the period. Norges Bank bought a new position in 3M in the 4th quarter worth $502,585,000. Balyasny Asset Management L.P. raised its holdings in 3M by 313.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after purchasing an additional 2,010,319 shares during the period. Finally, Nordea Investment Management AB raised its holdings in 3M by 8.2% in the 1st quarter. Nordea Investment Management AB now owns 2,168,811 shares of the conglomerate’s stock worth $228,875,000 after purchasing an additional 164,236 shares during the period. 65.25% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction dated 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 transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction dated 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 transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’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 currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on MMM shares. 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 report on Monday, July 29th. Citigroup raised their price target on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Morgan Stanley started coverage on 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target on the stock. Barclays raised their price target on 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Finally, Argus raised 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. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, 3M has a consensus rating of “Hold” and a consensus target price of $124.43.

3M Trading Up 1.1 %

Shares of MMM stock opened at $134.61 on Tuesday. The stock has a market capitalization of $74.49 billion, a price-to-earnings ratio of -10.58, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95. 3M has a 12-month low of $71.12 and a 12-month high of $135.28. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The stock’s 50-day moving average price is $122.09 and its 200-day moving average price is $106.84.

3M (NYSE:MMM) last released its quarterly 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. 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 last year, the business posted $2.17 earnings per share. Equities research analysts predict that 3M will post 7.22 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were given a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.08%. 3M’s dividend payout ratio is currently -22.01%.

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.