Kennedy Investment Group Has $518,000 Stock Holdings in 3M (NYSE:MMM)

Kennedy Investment Group cut its stake in shares of 3M (NYSE:MMM) by 14.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,786 shares of the conglomerate’s stock after selling 664 shares during the period. Kennedy Investment Group’s holdings in 3M were worth $518,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. 1858 Wealth Management LLC bought a new stake in shares of 3M in the 3rd quarter valued at $276,000. Crew Capital Management Ltd. acquired a new stake in 3M during the 3rd quarter worth approximately $229,000. Arlington Partners LLC boosted its holdings in shares of 3M by 9.5% in the third quarter. Arlington Partners LLC now owns 34,148 shares of the conglomerate’s stock valued at $4,668,000 after buying an additional 2,961 shares during the period. Koss Olinger Consulting LLC increased its position in shares of 3M by 4.2% during the third quarter. Koss Olinger Consulting LLC now owns 8,378 shares of the conglomerate’s stock worth $1,145,000 after acquiring an additional 337 shares in the last quarter. Finally, Echo Wealth Management LLC acquired a new stake in shares of 3M during the third quarter worth $230,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analysts Set New Price Targets

MMM has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and lifted their price target for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. Morgan Stanley began coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Wells Fargo & Company upped their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $130.57.

3M Stock Performance

Shares of NYSE:MMM traded down $0.35 on Monday, hitting $134.79. The company had a trading volume of 2,336,527 shares, compared to its average volume of 4,880,427. The stock has a market cap of $74.59 billion, a price-to-earnings ratio of -10.62, a P/E/G ratio of 2.49 and a beta of 0.95. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. 3M has a 1-year low of $71.12 and a 1-year high of $140.72. The stock has a 50 day moving average price of $132.67 and a 200 day moving average price of $112.87.

3M (NYSE:MMM) last posted its 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. The company had revenue of $6.26 billion for the quarter, compared to the consensus estimate 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 prior year, the business earned $2.17 earnings per share. Analysts expect that 3M will post 7.24 EPS for the current year.

3M Announces Dividend

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 dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

Insider Activity

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were 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 of the company’s stock, valued at $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

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.