Abner Herrman & Brock LLC reduced its stake in 3M Co (NYSE:MMM) by 31.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,245 shares of the conglomerate’s stock after selling 1,484 shares during the quarter. Abner Herrman & Brock LLC’s holdings in 3M were worth $533,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Kempen Capital Management N.V. purchased a new position in shares of 3M during the second quarter worth approximately $25,000. Meridian Wealth Management LLC purchased a new position in shares of 3M during the first quarter worth approximately $38,000. Weaver Consulting Group purchased a new position in shares of 3M during the first quarter worth approximately $32,000. Arcus Capital Partners LLC purchased a new position in shares of 3M during the second quarter worth approximately $35,000. Finally, SRS Capital Advisors Inc. purchased a new position in shares of 3M during the second quarter worth approximately $37,000. 66.77% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE MMM traded up $5.16 during mid-day trading on Friday, hitting $157.47. The stock had a trading volume of 201,232 shares, compared to its average volume of 2,765,893. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. 3M Co has a 1 year low of $150.58 and a 1 year high of $219.75. The business has a 50 day moving average price of $161.81 and a two-hundred day moving average price of $175.86. The firm has a market cap of $86.72 billion, a P/E ratio of 15.06, a price-to-earnings-growth ratio of 1.70 and a beta of 1.11.
3M (NYSE:MMM) last issued its earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, topping the consensus estimate of $2.04 by $0.16. 3M had a net margin of 15.27% and a return on equity of 55.05%. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.10 billion. During the same period in the previous year, the firm earned $2.59 earnings per share. The firm’s revenue for the quarter was down 2.6% on a year-over-year basis. Equities research analysts predict that 3M Co will post 9.32 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Friday, August 16th were paid a $1.44 dividend. This represents a $5.76 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend was Thursday, August 15th. 3M’s payout ratio is 55.07%.
In related news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total value of $177,216.00. Following the transaction, the insider now directly owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.83% of the stock is owned by insiders.
Several research analysts have commented on MMM shares. Barclays decreased their price target on shares of 3M from $162.00 to $158.00 and set an “underweight” rating on the stock in a research note on Thursday, October 3rd. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $183.00 price target on the stock in a research note on Monday, July 29th. Morgan Stanley decreased their price target on shares of 3M from $177.00 to $173.00 and set an “equal weight” rating on the stock in a research note on Friday, September 27th. Credit Suisse Group lifted their price target on shares of 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Finally, Royal Bank of Canada set a $179.00 price target on shares of 3M and gave the stock a “hold” rating in a research note on Friday, July 26th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. 3M has an average rating of “Hold” and an average price target of $182.15.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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