Silver Coast Investments LLC Reduces Holdings in 3M (NYSE:MMM)

Silver Coast Investments LLC lessened its position in shares of 3M (NYSE:MMM) by 14.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,127 shares of the conglomerate’s stock after selling 517 shares during the quarter. Silver Coast Investments LLC’s holdings in 3M were worth $427,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of 3M by 0.8% during 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 last quarter. Bank of New York Mellon Corp increased its position 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 acquiring an additional 533,520 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of 3M by 2.0% in the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock valued at $506,135,000 after acquiring an additional 97,340 shares during the period. AQR Capital Management LLC boosted its position in shares of 3M by 18.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after purchasing an additional 396,773 shares during the period. Finally, Nordea Investment Management AB increased 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 valued at $228,875,000 after purchasing an additional 164,236 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

MMM stock traded down $0.13 during midday trading on Friday, hitting $128.34. 377,952 shares of the stock were exchanged, compared to its average volume of 4,901,420. The stock has a market cap of $69.89 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 2.06 and a beta of 0.95. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The stock’s 50-day moving average price is $133.06 and its 200-day moving average price is $114.90. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter in the previous year, the company posted $2.68 EPS. The firm’s revenue for the quarter was down 24.3% on a year-over-year basis. Research analysts predict that 3M will post 7.28 earnings per share for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is currently 35.35%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MMM shares. Royal Bank of Canada boosted their price objective on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. raised their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday. Wells Fargo & Company upped their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. 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 report on Tuesday, July 30th. Finally, Citigroup increased their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $139.27.

Insider Activity

In other news, 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 value of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction 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 sale, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following 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 disclosure for this sale can be found here. Corporate 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.