Northeast Investment Management Sells 480 Shares of 3M (NYSE:MMM)

Northeast Investment Management trimmed its holdings in shares of 3M (NYSE:MMM) by 5.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,606 shares of the conglomerate’s stock after selling 480 shares during the period. Northeast Investment Management’s holdings in 3M were worth $879,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Emfo LLC acquired a new stake in shares of 3M in the 2nd quarter valued at about $153,000. Beacon Financial Advisory LLC acquired a new stake in 3M in the second quarter valued at approximately $807,000. BLB&B Advisors LLC increased its holdings in shares of 3M by 1.5% during the second quarter. BLB&B Advisors LLC now owns 9,947 shares of the conglomerate’s stock valued at $1,016,000 after acquiring an additional 150 shares in the last quarter. WealthShield Partners LLC acquired a new position in shares of 3M during the second quarter worth approximately $243,000. Finally, MWA Asset Management grew its position in 3M by 4.4% in the 2nd quarter. MWA Asset Management now owns 19,678 shares of the conglomerate’s stock valued at $2,011,000 after purchasing an additional 827 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Activity

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s 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 sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction 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 directly owns 174,036 shares in the company, valued at $21,486,484.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Citigroup raised their price objective on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. StockNews.com cut shares of 3M from a “buy” rating to a “hold” 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 objective for the company in a report on Tuesday, July 30th. Wolfe Research upgraded 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. Finally, Royal Bank of Canada upped 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M has a consensus rating of “Hold” and a consensus price target of $123.57.

3M Stock Performance

Shares of NYSE:MMM traded up $0.21 during midday trading on Wednesday, reaching $131.61. The company had a trading volume of 3,249,674 shares, compared to its average volume of 5,232,947. 3M has a 52-week low of $71.12 and a 52-week high of $132.62. The company’s 50 day moving average price is $113.67 and its 200 day moving average price is $102.93. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The stock has a market cap of $72.83 billion, a P/E ratio of -10.35, a P/E/G ratio of 2.34 and a beta of 0.95.

3M (NYSE:MMM) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The firm had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period in the previous year, the company earned $2.17 earnings per share. As a group, sell-side analysts anticipate that 3M will post 7.21 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 26th will be paid a $0.70 dividend. The ex-dividend date is Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.13%. 3M’s payout ratio is presently -22.01%.

About 3M

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.