3M (NYSE:MMM) Holdings Trimmed by Financial Advocates Investment Management

Financial Advocates Investment Management cut its holdings in 3M (NYSE:MMM) by 30.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,224 shares of the conglomerate’s stock after selling 1,809 shares during the quarter. Financial Advocates Investment Management’s holdings in 3M were worth $432,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Jade Capital Advisors LLC acquired a new stake in 3M during the fourth quarter valued at approximately $4,373,000. Scarborough Advisors LLC acquired a new stake in shares of 3M during the 4th quarter valued at $978,000. KMG Fiduciary Partners LLC boosted its stake in shares of 3M by 2.2% during the 1st quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock worth $1,567,000 after acquiring an additional 311 shares in the last quarter. Norden Group LLC grew its holdings in shares of 3M by 1,381.0% in the 1st quarter. Norden Group LLC now owns 65,341 shares of the conglomerate’s stock worth $6,930,000 after acquiring an additional 60,929 shares during the last quarter. Finally, Financial Synergies Wealth Advisors Inc. raised its position in shares of 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Up 0.5 %

Shares of NYSE MMM traded up $0.68 during mid-day trading on Thursday, reaching $132.29. The company had a trading volume of 970,485 shares, compared to its average volume of 5,207,441. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a twelve month low of $71.12 and a twelve month high of $132.62. The stock’s 50 day moving average is $113.67 and its 200-day moving average is $102.93. The stock has a market capitalization of $73.20 billion, a PE ratio of -10.39, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95.

3M (NYSE:MMM) last issued its earnings results 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 firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the previous year, the company posted $2.17 earnings per share. As a group, equities analysts anticipate that 3M will post 7.21 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 26th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s payout ratio is presently -22.01%.

Insider Buying and Selling at 3M

In related news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 completion of the transaction, 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.

Analysts Set New Price Targets

A number of research firms recently weighed in on MMM. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and raised their target price for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a report on Thursday, June 13th. Bank of America raised their price objective on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $110.00 to $111.00 in a research note on Wednesday, May 1st. 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 stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $123.57.

3M 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.