Marino Stram & Associates LLC reduced its holdings in shares of 3M (NYSE:MMM – Get Rating) by 7.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,550 shares of the conglomerate’s stock after selling 296 shares during the period. Marino Stram & Associates LLC’s holdings in 3M were worth $459,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of MMM. Landmark Wealth Management LLC bought a new stake in 3M during the 1st quarter valued at about $25,000. US Asset Management LLC bought a new stake in 3M during the 1st quarter valued at about $34,000. First Quadrant LLC CA bought a new stake in 3M during the 1st quarter valued at about $34,000. Iron Horse Wealth Management LLC increased its stake in 3M by 125.0% during the 1st quarter. Iron Horse Wealth Management LLC now owns 288 shares of the conglomerate’s stock valued at $43,000 after purchasing an additional 160 shares in the last quarter. Finally, DeDora Capital Inc. bought a new stake in shares of 3M in the first quarter worth approximately $45,000. 64.90% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on MMM. Wells Fargo & Company reduced their price target on shares of 3M from $144.00 to $125.00 and set an “equal weight” rating for the company in a research note on Thursday, September 8th. UBS Group raised shares of 3M from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $118.00 to $126.00 in a report on Friday, September 9th. Morgan Stanley lifted their price target on shares of 3M from $126.00 to $131.00 and gave the company an “underweight” rating in a report on Wednesday, July 27th. Sanford C. Bernstein reaffirmed a “mkt perform” rating and set a $155.00 price target on shares of 3M in a report on Wednesday, August 17th. Finally, Bank of America lowered their target price on shares of 3M from $165.00 to $140.00 in a report on Friday, September 2nd. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $147.43.
3M Stock Performance
3M (NYSE:MMM – Get Rating) last issued its quarterly earnings data on Tuesday, July 26th. The conglomerate reported $2.48 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.07. 3M had a net margin of 11.83% and a return on equity of 39.11%. The business had revenue of $8.70 billion for the quarter, compared to analysts’ expectations of $8.70 billion. During the same quarter last year, the company earned $2.59 EPS. The business’s revenue was down 2.2% on a year-over-year basis. On average, equities analysts forecast that 3M will post 10.42 EPS for the current fiscal year.
3M Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Monday, August 22nd were issued a $1.49 dividend. The ex-dividend date was Friday, August 19th. This represents a $5.96 dividend on an annualized basis and a yield of 5.26%. 3M’s payout ratio is currently 83.24%.
Insider Buying and Selling at 3M
In other 3M news, CAO Theresa E. Reinseth sold 795 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $143.32, for a total value of $113,939.40. Following the transaction, the chief accounting officer now owns 1,603 shares in the company, valued at approximately $229,741.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Theresa E. Reinseth sold 795 shares of 3M stock in a transaction on Monday, August 1st. The stock was sold at an average price of $143.32, for a total transaction of $113,939.40. Following the transaction, the chief accounting officer now owns 1,603 shares in the company, valued at approximately $229,741.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael G. Vale sold 36,771 shares of 3M stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $143.26, for a total value of $5,267,813.46. Following the transaction, the insider now owns 65,321 shares in the company, valued at approximately $9,357,886.46. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,121 shares of company stock worth $6,644,865. Corporate insiders own 0.34% of the company’s stock.
3M Company Profile
3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.
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