Arbor Trust Wealth Advisors LLC lessened its holdings in 3M (NYSE:MMM – Get Rating) by 20.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,886 shares of the conglomerate’s stock after selling 759 shares during the period. Arbor Trust Wealth Advisors LLC’s holdings in 3M were worth $374,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Xponance Inc. grew its position in 3M by 1.5% in the first quarter. Xponance Inc. now owns 47,562 shares of the conglomerate’s stock valued at $7,081,000 after acquiring an additional 694 shares during the last quarter. Gradient Investments LLC grew its holdings in shares of 3M by 4.9% during the second quarter. Gradient Investments LLC now owns 92,776 shares of the conglomerate’s stock worth $12,006,000 after purchasing an additional 4,375 shares during the last quarter. Tiedemann Advisors LLC grew its holdings in shares of 3M by 5.7% during the first quarter. Tiedemann Advisors LLC now owns 4,380 shares of the conglomerate’s stock worth $652,000 after purchasing an additional 235 shares during the last quarter. Sigma Planning Corp grew its holdings in shares of 3M by 18.8% during the first quarter. Sigma Planning Corp now owns 33,684 shares of the conglomerate’s stock worth $5,015,000 after purchasing an additional 5,342 shares during the last quarter. Finally, Wallington Asset Management LLC grew its holdings in shares of 3M by 4.1% during the first quarter. Wallington Asset Management LLC now owns 30,410 shares of the conglomerate’s stock worth $4,527,000 after purchasing an additional 1,210 shares during the last quarter. Institutional investors own 64.90% of the company’s stock.
Insider Transactions at 3M
In other news, insider Michael G. Vale sold 36,771 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $143.26, for a total transaction of $5,267,813.46. Following the transaction, the insider now directly owns 65,321 shares of the company’s stock, valued at $9,357,886.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP John Patrick Banovetz sold 3,145 shares of the company’s stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $150.32, for a total transaction of $472,756.40. Following the completion of the sale, the executive vice president now owns 14,084 shares in the company, valued at $2,117,106.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael G. Vale sold 36,771 shares of the company’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $143.26, for a total value of $5,267,813.46. Following the sale, the insider now owns 65,321 shares of the company’s stock, valued at approximately $9,357,886.46. The disclosure for this sale can be found here. Insiders have sold 46,121 shares of company stock valued at $6,644,865 over the last ninety days. 0.34% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
3M Trading Down 0.9 %
MMM traded down $1.04 during trading on Friday, hitting $113.10. The company’s stock had a trading volume of 233,355 shares, compared to its average volume of 21,039,812. 3M has a twelve month low of $113.43 and a twelve month high of $186.30. The company has a quick ratio of 0.90, a current ratio of 1.47 and a debt-to-equity ratio of 1.01. The stock’s fifty day moving average price is $133.60 and its 200-day moving average price is $140.01. The firm has a market capitalization of $64.42 billion, a P/E ratio of 15.66, a PEG ratio of 1.16 and a beta of 0.99.
3M (NYSE:MMM – Get Rating) last issued its quarterly earnings results on Tuesday, July 26th. The conglomerate reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.07. 3M had a return on equity of 39.11% and a net margin of 11.83%. The firm had revenue of $8.70 billion for the quarter, compared to analyst estimates of $8.70 billion. During the same period in the previous year, the firm earned $2.59 earnings per share. The company’s revenue was down 2.2% compared to the same quarter last year. Analysts anticipate that 3M will post 10.42 EPS for the current year.
3M Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Monday, August 22nd were given a dividend of $1.49 per share. This represents a $5.96 dividend on an annualized basis and a dividend yield of 5.27%. The ex-dividend date of this dividend was Friday, August 19th. 3M’s payout ratio is 83.24%.
3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.
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