King Luther Capital Management Corp Has $1.15 Million Stock Holdings in 3M (NYSE:MMM)

King Luther Capital Management Corp lowered its position in 3M (NYSE:MMM) by 9.7% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 11,279 shares of the conglomerate’s stock after selling 1,207 shares during the quarter. King Luther Capital Management Corp’s holdings in 3M were worth $1,153,000 at the end of the most recent quarter.

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

Insider Buying and Selling at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction 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 sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 transaction, 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 owned by corporate insiders.

3M Price Performance

Shares of MMM opened at $134.77 on Monday. The business’s fifty day moving average is $124.63 and its 200 day moving average is $108.02. 3M has a 12-month low of $71.12 and a 12-month high of $135.32. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The stock has a market cap of $74.58 billion, a P/E ratio of -10.60, a P/E/G ratio of 2.41 and a beta of 0.95.

3M (NYSE:MMM) last issued its quarterly 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. The business had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period last year, the company posted $2.17 earnings per share. Sell-side analysts anticipate that 3M will post 7.22 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.08%. 3M’s payout ratio is -22.01%.

Analysts Set New Price Targets

MMM has been the subject of a number of recent analyst reports. Citigroup increased their target price on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Barclays lifted their target price on shares of 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Royal Bank of Canada increased their price target on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a report on Monday, July 29th. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and lifted their target price for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, 3M presently has a consensus rating of “Hold” and a consensus 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.