3M (NYSE:MMM) Holdings Lowered by Profund Advisors LLC

Profund Advisors LLC cut its stake in 3M (NYSE:MMM) by 2.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 12,802 shares of the conglomerate’s stock after selling 295 shares during the period. Profund Advisors LLC’s holdings in 3M were worth $1,308,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Fortis Capital Advisors LLC increased its position in shares of 3M by 2.9% during the 2nd quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after purchasing an additional 84 shares during the period. Brown Brothers Harriman & Co. boosted its stake in 3M by 0.4% during the second quarter. Brown Brothers Harriman & Co. now owns 22,613 shares of the conglomerate’s stock valued at $2,311,000 after buying an additional 97 shares in the last quarter. AMG National Trust Bank raised its position in 3M by 3.1% in the second quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock worth $340,000 after acquiring an additional 100 shares in the last quarter. Platinum Investment Management Ltd. raised its position in 3M by 11.4% in the first quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock worth $108,000 after acquiring an additional 104 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its holdings in 3M by 2.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock valued at $562,000 after acquiring an additional 105 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Ratings Changes

MMM has been the topic of a number of research reports. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a report on Tuesday, July 30th. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a research report on Thursday, June 13th. Bank of America lifted their target price on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Citigroup upped their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Finally, StockNews.com cut 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 issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, 3M has a consensus rating of “Hold” and an average price target of $124.43.

Insider Transactions at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the business’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 completion of the sale, the chief financial officer now 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 is available through this link. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

3M Stock Performance

MMM stock opened at $135.64 on Tuesday. The stock has a market cap of $75.06 billion, a P/E ratio of -10.66, a P/E/G ratio of 2.41 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The firm has a 50 day simple moving average of $125.29 and a 200 day simple moving average of $108.32. 3M has a 52 week low of $71.12 and a 52 week high of $136.09.

3M (NYSE:MMM) last issued its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The firm 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 previous year, the company posted $2.17 earnings per share. Research 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. Shareholders of record on Monday, August 26th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.06%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio is -22.01%.

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.