Legacy Advisors LLC Lowers Stake in 3M (NYSE:MMM)

Legacy Advisors LLC lowered its holdings in shares of 3M (NYSE:MMM) by 7.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,445 shares of the conglomerate’s stock after selling 208 shares during the period. Legacy Advisors LLC’s holdings in 3M were worth $250,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. AMG National Trust Bank grew its stake in shares of 3M by 3.1% in the 2nd quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock worth $340,000 after buying an additional 100 shares during the last quarter. Platinum Investment Management Ltd. increased its holdings in shares of 3M by 11.4% during the first quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock valued at $108,000 after acquiring an additional 104 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of 3M by 2.0% during the first quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock valued at $562,000 after acquiring an additional 105 shares in the last quarter. Fragasso Financial Advisors Inc raised its position in shares of 3M by 4.2% in the 2nd quarter. Fragasso Financial Advisors Inc now owns 2,638 shares of the conglomerate’s stock worth $270,000 after purchasing an additional 106 shares during the last quarter. Finally, Summit Financial Group Inc. boosted its stake in 3M by 3.4% in the 1st quarter. Summit Financial Group Inc. now owns 3,316 shares of the conglomerate’s stock worth $352,000 after purchasing an additional 110 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

NYSE MMM traded up $1.78 during trading hours on Friday, hitting $134.69. 6,092,831 shares of the company’s stock traded hands, compared to its average volume of 5,224,743. 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 has a 52 week low of $71.12 and a 52 week high of $134.99. The firm has a market capitalization of $74.53 billion, a P/E ratio of -10.59, a P/E/G ratio of 2.34 and a beta of 0.95. The business’s fifty day moving average price is $115.56 and its two-hundred day moving average price is $103.62.

3M (NYSE:MMM) last posted its quarterly earnings data 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 firm had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the business posted $2.17 EPS. Equities research analysts predict that 3M will post 7.21 EPS for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be given a dividend of $0.70 per share. The ex-dividend date is Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.08%. 3M’s payout ratio is currently -22.01%.

Insider Activity at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’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 transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction on Tuesday, August 6th. The stock was 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 owns 4,364 shares in the company, valued at approximately $541,659.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on MMM shares. Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their target price for the stock from $92.00 to $140.00 in a research note on Thursday, May 16th. Barclays upped their price objective on 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Citigroup lifted their target price on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Finally, Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a research report on Tuesday, July 30th. 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 data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $123.57.

3M Company 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.