3M (NYSE:MMM) Shares Sold by Silver Coast Investments LLC

Silver Coast Investments LLC reduced its stake in 3M (NYSE:MMM) by 14.2% in the third quarter, HoldingsChannel.com reports. The fund owned 3,127 shares of the conglomerate’s stock after selling 517 shares during the quarter. Silver Coast Investments LLC’s holdings in 3M were worth $427,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in MMM. MFA Wealth Advisors LLC bought a new position in 3M in the 2nd quarter worth approximately $28,000. Daymark Wealth Partners LLC raised its stake in 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 17,211 shares during the period. McClarren Financial Advisors Inc. lifted its stake in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares in the last quarter. Meeder Asset Management Inc. increased its holdings in shares of 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 269 shares during the period. Finally, TruNorth Capital Management LLC acquired a new stake in shares of 3M during the second quarter worth approximately $33,000. 65.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other 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 directly owns 4,364 shares in the company, valued at $541,659.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 stock in a transaction that occurred 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 transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MMM. Citigroup upped their target price on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Wells Fargo & Company increased their price target on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research note on Tuesday, October 22nd. Bank of America increased their target price on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $139.27.

3M Stock Down 0.1 %

Shares of NYSE MMM traded down $0.13 during mid-day trading on Friday, reaching $128.34. 377,952 shares of the company’s stock were exchanged, compared to its average volume of 4,901,420. 3M has a twelve month low of $75.40 and a twelve month high of $141.34. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The business has a fifty day simple moving average of $133.06 and a 200 day simple moving average of $114.90. The firm has a market capitalization of $69.89 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 2.06 and a beta of 0.95.

3M (NYSE:MMM) last issued its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period last year, the business earned $2.68 EPS. The business’s quarterly revenue was down 24.3% on a year-over-year basis. As a group, equities analysts expect that 3M will post 7.28 EPS for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.18%. 3M’s dividend payout ratio is presently 35.35%.

About 3M

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.