First City Capital Management Inc. Sells 2,358 Shares of 3M (NYSE:MMM)

First City Capital Management Inc. cut its holdings in 3M (NYSE:MMM) by 33.1% during the 2nd quarter, Holdings Channel reports. The fund owned 4,768 shares of the conglomerate’s stock after selling 2,358 shares during the period. First City Capital Management Inc.’s holdings in 3M were worth $487,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the business. Tributary Capital Management LLC purchased a new stake in 3M in the first quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. increased its holdings in 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 197 shares in the last quarter. MFA Wealth Advisors LLC bought a new stake in 3M during the 2nd quarter worth approximately $28,000. Meeder Asset Management Inc. boosted its position in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of 3M in the first quarter worth $32,000. Institutional investors own 65.25% of the company’s stock.

3M Trading Up 0.7 %

Shares of NYSE MMM opened at $134.77 on Friday. The stock has a market capitalization of $74.58 billion, a P/E ratio of -10.60, a PEG ratio of 2.41 and a beta of 0.95. 3M has a 1-year low of $71.12 and a 1-year high of $135.32. The business’s 50 day moving average is $124.63 and its two-hundred day moving average is $107.91. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating 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 analysts’ expectations of $5.85 billion. During the same quarter in the previous year, the business posted $2.17 earnings per share. As a group, research analysts expect that 3M will post 7.22 EPS for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.08%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Morgan Stanley initiated coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Citigroup upped their price objective on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Bank of America lifted their target price on 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a report on Thursday, June 13th. Finally, Barclays boosted their target price on shares of 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $124.43.

Insider Activity

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was 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 in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

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.