3M (NYSE:MMM) Shares Sold by Elgethun Capital Management

Elgethun Capital Management reduced its holdings in 3M (NYSE:MMM) by 3.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,352 shares of the conglomerate’s stock after selling 230 shares during the quarter. Elgethun Capital Management’s holdings in 3M were worth $751,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Balyasny Asset Management L.P. boosted its position in shares of 3M by 313.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after purchasing an additional 2,010,319 shares in the last quarter. Capital World Investors purchased a new stake in 3M during the first quarter worth about $165,986,000. National Bank of Canada FI increased its holdings in 3M by 218.3% in the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after buying an additional 1,021,440 shares in the last quarter. Janus Henderson Group PLC increased its holdings in 3M by 1,015.6% in the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after buying an additional 808,914 shares in the last quarter. Finally, Schroder Investment Management Group boosted its stake in shares of 3M by 129.8% during the 4th quarter. Schroder Investment Management Group now owns 1,352,528 shares of the conglomerate’s stock worth $147,858,000 after acquiring an additional 764,066 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Down 0.4 %

Shares of NYSE MMM opened at $136.62 on Thursday. The stock has a fifty day moving average price of $125.97 and a 200 day moving average price of $108.63. The company has a market cap of $75.60 billion, a P/E ratio of -10.74, a P/E/G ratio of 2.51 and a beta of 0.95. 3M has a 12-month low of $71.12 and a 12-month high of $137.94. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95.

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

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.05%. 3M’s payout ratio is currently -22.01%.

Insider Activity at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The shares were 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 in the company, valued at $541,659.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on 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 owns 4,364 shares in the company, 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.

Analysts Set New Price Targets

Several research firms recently weighed in on MMM. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and raised their price objective for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Wells Fargo & Company boosted their price target on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. Royal Bank of Canada raised their price target on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research note on Monday, July 29th. Barclays boosted their price objective on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Finally, StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company 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.