MCF Advisors LLC Has $631,000 Position in 3M (NYSE:MMM)

MCF Advisors LLC cut its stake in 3M (NYSE:MMM) by 10.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,618 shares of the conglomerate’s stock after selling 562 shares during the quarter. MCF Advisors LLC’s holdings in 3M were worth $631,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Capital World Investors acquired a new position in shares of 3M in the 1st quarter valued at $165,986,000. International Assets Investment Management LLC lifted its holdings in 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after acquiring an additional 1,250,491 shares in the last quarter. National Bank of Canada FI grew its stake in 3M by 218.3% in the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after acquiring an additional 1,021,440 shares during the period. Janus Henderson Group PLC grew its stake in 3M by 1,015.6% in the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after acquiring an additional 808,914 shares during the period. Finally, Electron Capital Partners LLC bought a new stake in shares of 3M in the second quarter worth about $76,732,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at 3M

In related news, Chairman Michael F. Roman sold 5,675 shares of the 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 sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred 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 sale, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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 completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MMM. Mizuho lifted their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Wells Fargo & Company increased their price objective on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Citigroup upped their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $135.67.

3M Stock Down 1.4 %

Shares of NYSE MMM traded down $1.72 during trading hours on Friday, hitting $124.75. The company had a trading volume of 3,774,883 shares, compared to its average volume of 4,949,359. 3M has a 1-year low of $72.47 and a 1-year high of $141.34. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The firm’s 50 day moving average is $133.00 and its 200-day moving average is $113.88. The stock has a market capitalization of $68.53 billion, a P/E ratio of 15.75, a price-to-earnings-growth ratio of 2.42 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same period in the previous year, the business earned $2.68 EPS. 3M’s revenue for the quarter was down 24.3% compared to the same quarter last year. On average, analysts expect that 3M will post 7.26 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.24%. 3M’s payout ratio is 35.35%.

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.