Cohen Klingenstein LLC Decreases Stake in 3M (NYSE:MMM)

Cohen Klingenstein LLC lowered its position in 3M (NYSE:MMMGet Rating) by 1.0% in the second quarter, Holdings Channel reports. The fund owned 41,790 shares of the conglomerate’s stock after selling 410 shares during the period. Cohen Klingenstein LLC’s holdings in 3M were worth $5,408,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in MMM. Investment Advisory Services Inc. TX ADV increased its holdings in shares of 3M by 2.7% in the 1st quarter. Investment Advisory Services Inc. TX ADV now owns 2,826 shares of the conglomerate’s stock valued at $421,000 after acquiring an additional 74 shares during the period. Regent Investment Management LLC increased its holdings in shares of 3M by 1.0% in the 1st quarter. Regent Investment Management LLC now owns 7,396 shares of the conglomerate’s stock valued at $1,101,000 after acquiring an additional 75 shares during the period. Bigelow Investment Advisors LLC increased its stake in 3M by 0.8% in the 1st quarter. Bigelow Investment Advisors LLC now owns 8,907 shares of the conglomerate’s stock valued at $1,326,000 after buying an additional 75 shares during the period. PDS Planning Inc increased its stake in 3M by 2.9% in the 1st quarter. PDS Planning Inc now owns 2,846 shares of the conglomerate’s stock valued at $424,000 after buying an additional 79 shares during the period. Finally, JNBA Financial Advisors increased its stake in 3M by 1.0% in the 1st quarter. JNBA Financial Advisors now owns 7,739 shares of the conglomerate’s stock valued at $1,152,000 after buying an additional 80 shares during the period. Hedge funds and other institutional investors own 64.90% of the company’s stock.

3M Trading Down 1.4 %

Shares of NYSE MMM traded down $1.62 on Friday, reaching $112.52. 190,044 shares of the company traded hands, compared to its average volume of 21,039,812. 3M has a fifty-two week low of $113.43 and a fifty-two week high of $186.30. The company has a 50 day moving average of $133.60 and a 200 day moving average of $140.01. The company has a current ratio of 1.47, a quick ratio of 0.90 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $64.09 billion, a PE ratio of 15.66, a P/E/G ratio of 1.16 and a beta of 0.99.

3M (NYSE:MMMGet Rating) last posted its quarterly earnings data on Tuesday, July 26th. The conglomerate reported $2.48 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.07. The company had revenue of $8.70 billion during the quarter, compared to the consensus estimate of $8.70 billion. 3M had a net margin of 11.83% and a return on equity of 39.11%. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.59 EPS. On average, equities research analysts forecast that 3M will post 10.42 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors 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 yield of 5.30%. The ex-dividend date was Friday, August 19th. 3M’s dividend payout ratio (DPR) is presently 83.24%.

Insider Buying and Selling

In related news, EVP Eric D. Hammes sold 3,145 shares of the stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $147.31, for a total transaction of $463,289.95. Following the completion of the sale, the executive vice president now owns 8,818 shares of the company’s stock, valued at approximately $1,298,979.58. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other 3M news, EVP Zoe L. Dickson sold 2,265 shares of the stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $144.40, for a total value of $327,066.00. Following the completion of the sale, the executive vice president now owns 893 shares of the company’s stock, valued at $128,949.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Eric D. Hammes sold 3,145 shares of the stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $147.31, for a total transaction of $463,289.95. Following the completion of the sale, the executive vice president now directly owns 8,818 shares of the company’s stock, valued at approximately $1,298,979.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,121 shares of company stock valued at $6,644,865. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MMM shares. TheStreet cut shares of 3M from a “b-” rating to a “c+” rating in a research note on Wednesday, June 29th. Jefferies Financial Group lowered their price target on shares of 3M from $161.00 to $145.00 in a research note on Thursday, June 16th. Citigroup upped their price target on shares of 3M from $136.00 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 27th. Wells Fargo & Company lowered their price target on shares of 3M from $144.00 to $125.00 and set an “equal weight” rating on the stock in a research note on Thursday, September 8th. Finally, Morgan Stanley upped their price target on shares of 3M from $126.00 to $131.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 27th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, 3M has a consensus rating of “Hold” and a consensus price target of $147.43.

About 3M

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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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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