Cornerstone Advisors LLC Cuts Stock Holdings in 3M (NYSE:MMM)

Cornerstone Advisors LLC trimmed its position in shares of 3M (NYSE:MMM) by 9.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,600 shares of the conglomerate’s stock after selling 1,900 shares during the quarter. Cornerstone Advisors LLC’s holdings in 3M were worth $1,901,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Citizens Financial Group Inc. RI raised its stake in shares of 3M by 16.6% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 15,815 shares of the conglomerate’s stock worth $1,616,000 after purchasing an additional 2,251 shares during the period. Quantbot Technologies LP bought a new stake in shares of 3M during the 2nd quarter worth $4,092,000. Dimensional Fund Advisors LP raised its stake in shares of 3M by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock worth $198,298,000 after purchasing an additional 11,315 shares during the period. Financial Perspectives Inc raised its stake in shares of 3M by 1.1% during the 2nd quarter. Financial Perspectives Inc now owns 15,335 shares of the conglomerate’s stock worth $1,567,000 after purchasing an additional 174 shares during the period. Finally, Brown Brothers Harriman & Co. raised its stake in shares of 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 purchasing an additional 97 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Up 1.1 %

Shares of NYSE MMM opened at $134.61 on Tuesday. 3M has a 12 month low of $71.12 and a 12 month high of $135.28. 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 firm has a market capitalization of $74.49 billion, a price-to-earnings ratio of -10.58, a PEG ratio of 2.41 and a beta of 0.95. The business has a 50-day moving average of $122.09 and a 200-day moving average of $106.84.

3M (NYSE:MMM) last issued its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion during 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 quarter in the prior year, the firm earned $2.17 earnings per share. Sell-side analysts expect that 3M will post 7.22 earnings per share for the current fiscal year.

3M Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Morgan Stanley assumed coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective on the stock. Citigroup boosted their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective on the stock in a research note on Thursday, June 13th. Finally, Royal Bank of Canada boosted their price objective on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and an average target price of $124.43.

Insider Activity

In other news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred 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 completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

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.