Symmetry Partners LLC Has $345,000 Stock Position in 3M (NYSE:MMM)

Symmetry Partners LLC cut its holdings in 3M (NYSE:MMM) by 9.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,374 shares of the conglomerate’s stock after selling 367 shares during the period. Symmetry Partners LLC’s holdings in 3M were worth $345,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Bleakley Financial Group LLC grew its position in 3M by 11.6% during the 4th quarter. Bleakley Financial Group LLC now owns 18,950 shares of the conglomerate’s stock worth $2,072,000 after acquiring an additional 1,969 shares during the last quarter. Tobam boosted its position in 3M by 1,942.9% during the 4th quarter. Tobam now owns 1,144 shares of the conglomerate’s stock worth $125,000 after buying an additional 1,088 shares during the period. Sequoia Financial Advisors LLC increased its position in 3M by 38.8% in the 4th quarter. Sequoia Financial Advisors LLC now owns 33,698 shares of the conglomerate’s stock valued at $3,684,000 after acquiring an additional 9,423 shares during the period. Jmac Enterprises LLC acquired a new position in shares of 3M during the fourth quarter worth $200,000. Finally, Advisors Management Group Inc. ADV grew its position in shares of 3M by 7.3% in the 4th quarter. Advisors Management Group Inc. ADV now owns 13,277 shares of the conglomerate’s stock valued at $1,451,000 after buying an additional 904 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Argus raised shares of 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. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $110.00 to $111.00 in a report on Wednesday, May 1st. Citigroup increased their price target on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and lifted their price objective for the company from $92.00 to $140.00 in a research note on Thursday, May 16th. Finally, Wells Fargo & Company raised their price target on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, 3M has a consensus rating of “Hold” and a consensus price target of $123.57.

Insider Transactions at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated 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 directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’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 transaction, the chief financial officer now 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 dated 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 disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

3M Stock Performance

Shares of MMM stock traded down $0.96 during trading on Friday, reaching $124.17. 3,247,914 shares of the company’s stock traded hands, compared to its average volume of 5,417,748. The firm’s 50-day moving average is $107.04 and its 200 day moving average is $100.04. The company has a market capitalization of $68.71 billion, a P/E ratio of -9.76, a PEG ratio of 2.34 and a beta of 0.95. 3M has a 1 year low of $71.12 and a 1 year high of $128.65. 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 issued its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter last year, the company earned $2.17 EPS. Equities research analysts expect that 3M will post 7.21 EPS for the current year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.25%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio is presently -22.01%.

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.