Cambridge Investment Research Advisors Inc. Lowers Stock Position in 3M (NYSE:MMM)

Cambridge Investment Research Advisors Inc. cut its position in shares of 3M (NYSE:MMM) by 5.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 151,158 shares of the conglomerate’s stock after selling 7,947 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in 3M were worth $30,024,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MMM. Geode Capital Management LLC raised its position in 3M by 11.8% during the first quarter. Geode Capital Management LLC now owns 9,843,874 shares of the conglomerate’s stock worth $1,892,169,000 after acquiring an additional 1,036,538 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of 3M by 1.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 7,800,046 shares of the conglomerate’s stock valued at $1,502,913,000 after buying an additional 73,832 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of 3M by 5.2% in the second quarter. Fisher Asset Management LLC now owns 5,392,922 shares of the conglomerate’s stock valued at $1,071,196,000 after buying an additional 265,476 shares during the last quarter. Morgan Stanley raised its position in shares of 3M by 15.6% in the first quarter. Morgan Stanley now owns 5,071,041 shares of the conglomerate’s stock valued at $977,086,000 after buying an additional 682,530 shares during the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of 3M by 5.7% in the first quarter. Royal Bank of Canada now owns 4,164,326 shares of the conglomerate’s stock valued at $802,381,000 after purchasing an additional 225,045 shares during the period. 66.82% of the stock is currently owned by hedge funds and other institutional investors.

Shares of 3M stock opened at $182.42 on Wednesday. The firm’s fifty day simple moving average is $196.65 and its 200-day simple moving average is $196.42. 3M has a 12 month low of $156.13 and a 12 month high of $208.95. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.73 and a quick ratio of 1.22. The stock has a market capitalization of $105.56 billion, a price-to-earnings ratio of 17.94, a PEG ratio of 1.92 and a beta of 0.96.

3M (NYSE:MMM) last posted its quarterly earnings data on Monday, July 26th. The conglomerate reported $2.59 earnings per share for the quarter, beating analysts’ consensus estimates of $2.28 by $0.31. The firm had revenue of $8.90 billion for the quarter, compared to analyst estimates of $8.59 billion. 3M had a net margin of 17.13% and a return on equity of 44.72%. 3M’s quarterly revenue was up 24.0% on a year-over-year basis. During the same period last year, the firm posted $1.78 EPS. Analysts anticipate that 3M will post 10.11 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Sunday, September 12th. Shareholders of record on Monday, August 23rd were given a dividend of $1.48 per share. The ex-dividend date was Friday, August 20th. This represents a $5.92 annualized dividend and a dividend yield of 3.25%. 3M’s payout ratio is currently 67.73%.

In related news, SVP Denise R. Rutherford sold 3,135 shares of the business’s stock in a transaction dated Monday, August 2nd. The shares were sold at an average price of $198.17, for a total value of $621,262.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Eric D. Hammes sold 1,765 shares of the business’s stock in a transaction dated Tuesday, August 3rd. The shares were sold at an average price of $201.83, for a total transaction of $356,229.95. Following the completion of the transaction, the insider now directly owns 6,756 shares of the company’s stock, valued at approximately $1,363,563.48. The disclosure for this sale can be found here. Insiders have sold a total of 20,666 shares of company stock worth $4,103,569 over the last 90 days. Insiders own 0.34% of the company’s stock.

A number of equities research analysts recently issued reports on the stock. Wolfe Research lowered shares of 3M from a “peer perform” rating to an “underperform” rating and dropped their price objective for the company from $218.00 to $215.00 in a report on Monday, July 12th. Deutsche Bank Aktiengesellschaft increased their target price on shares of 3M from $196.00 to $201.00 and gave the stock a “hold” rating in a research note on Wednesday, July 28th. Morgan Stanley increased their target price on shares of 3M from $200.00 to $213.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 28th. Argus raised their price objective on shares of 3M from $220.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, July 28th. They noted that the move was a valuation call. Finally, Credit Suisse Group lowered shares of 3M from an “outperform” rating to a “neutral” rating and raised their price objective for the company from $210.00 to $212.00 in a research note on Tuesday, July 6th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $198.92.

3M Profile

3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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