3M (NYSE:MMM) Shares Sold by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co cut its holdings in 3M (NYSE:MMM) by 6.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 47,353 shares of the conglomerate’s stock after selling 3,113 shares during the period. Elo Mutual Pension Insurance Co’s holdings in 3M were worth $4,839,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of MMM. Tributary Capital Management LLC acquired a new position in shares of 3M in the 1st quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. boosted its stake in 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares during the period. MFA Wealth Advisors LLC acquired a new position in 3M during the 2nd quarter valued at about $28,000. Meeder Asset Management Inc. boosted its stake in 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 269 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new position in 3M during the 1st quarter valued at about $32,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, 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 transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

3M Trading Down 0.2 %

Shares of NYSE:MMM opened at $133.35 on Thursday. 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 company has a 50 day moving average of $123.40 and a 200-day moving average of $107.32. 3M has a twelve month low of $71.12 and a twelve month high of $135.28. The firm has a market cap of $73.79 billion, a P/E ratio of -10.48, a P/E/G ratio of 2.41 and a beta of 0.95.

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

3M Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have issued reports on MMM shares. Royal Bank of Canada boosted their target price on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Barclays boosted their target price on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and boosted their target price for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Finally, Morgan Stanley assumed coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 target price for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $124.43.

3M 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.