Key Client Fiduciary Advisors LLC Reduces Position in 3M (NYSE:MMM)

Key Client Fiduciary Advisors LLC cut its holdings in 3M (NYSE:MMM) by 6.4% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 5,584 shares of the conglomerate’s stock after selling 385 shares during the period. Key Client Fiduciary Advisors LLC’s holdings in 3M were worth $571,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of MMM. Vanguard Group Inc. grew its stake in shares of 3M by 0.8% during the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after buying an additional 377,703 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in 3M by 0.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after buying an additional 43,732 shares during the period. Norges Bank bought a new stake in 3M in the 4th quarter worth $502,585,000. Bank of New York Mellon Corp increased its position in shares of 3M by 10.6% in the first quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock valued at $480,680,000 after acquiring an additional 435,439 shares during the period. Finally, Balyasny Asset Management L.P. boosted its holdings in shares of 3M by 313.8% during the fourth 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 during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Performance

NYSE:MMM traded up $0.73 during mid-day trading on Wednesday, reaching $126.08. The company’s stock had a trading volume of 3,252,906 shares, compared to its average volume of 5,370,581. The firm’s fifty day moving average price is $108.58 and its two-hundred day moving average price is $100.70. 3M has a 12-month low of $71.12 and a 12-month high of $128.65. The stock has a market cap of $69.77 billion, a P/E ratio of -9.91, a PEG ratio of 2.34 and a beta of 0.95. 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 posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The company had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the prior year, the business earned $2.17 earnings per share. On average, equities analysts forecast that 3M will post 7.21 EPS for the current fiscal year.

Insider Transactions at 3M

In related news, 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 directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, 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 the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were 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 disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MMM. Vertical Research raised 3M from a “hold” rating to a “buy” rating and upped their price target for the company from $92.00 to $140.00 in a research report on Thursday, May 16th. Barclays lifted their price target 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. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research report on Tuesday, July 30th. Citigroup raised their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Finally, Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a report on Thursday, June 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, 3M currently has an average rating of “Hold” and an average target price of $123.57.

3M Company 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.