Commonwealth Financial Services LLC Sells 319 Shares of 3M (NYSE:MMM)

Commonwealth Financial Services LLC trimmed its holdings in shares of 3M (NYSE:MMM) by 12.7% in the third quarter, Holdings Channel.com reports. The fund owned 2,186 shares of the conglomerate’s stock after selling 319 shares during the quarter. Commonwealth Financial Services LLC’s holdings in 3M were worth $300,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. McClarren Financial Advisors Inc. lifted its holdings in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the last quarter. Tributary Capital Management LLC bought a new position in 3M during the 1st quarter valued at about $25,000. MFA Wealth Advisors LLC bought a new position in 3M during the 2nd quarter valued at about $28,000. Meeder Asset Management Inc. lifted its holdings in 3M by 689.7% during 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 last quarter. Finally, TruNorth Capital Management LLC bought a new position in 3M during the 2nd quarter valued at about $33,000. 65.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Wells Fargo & Company raised their price objective on shares of 3M from $130.00 to $140.00 and gave the company 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 research report on Tuesday. Citigroup raised their price objective on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Finally, Barclays raised their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and an average target price of $135.67.

3M Stock Up 0.5 %

MMM traded up $0.59 during trading on Thursday, reaching $128.50. The company had a trading volume of 456,557 shares, compared to its average volume of 4,932,595. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. 3M has a 12 month low of $72.47 and a 12 month high of $141.34. The business’s fifty day moving average price is $133.07 and its 200 day moving average price is $113.57. The company has a market cap of $71.11 billion, a P/E ratio of -10.06, a PEG ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 3.08% and a return on equity of 112.92%. The firm had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the previous year, the firm posted $2.68 earnings per share. The business’s revenue was down 24.3% on a year-over-year basis. Equities analysts anticipate that 3M will post 7.24 EPS for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date was Monday, August 26th. 3M’s payout ratio is currently -22.01%.

Insider Transactions at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction 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 sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Chairman Michael F. Roman sold 5,675 shares of the company’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 transaction, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’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 completion of the transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

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.