3M (NYSE:MMM) Shares Sold by Clifford Swan Investment Counsel LLC

Clifford Swan Investment Counsel LLC cut its holdings in shares of 3M (NYSE:MMM) by 6.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 71,127 shares of the conglomerate’s stock after selling 4,922 shares during the quarter. Clifford Swan Investment Counsel LLC’s holdings in 3M were worth $7,269,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Gilbert & Cook Inc. acquired a new stake in shares of 3M in the fourth quarter valued at $481,000. Aveo Capital Partners LLC acquired a new position in 3M in the 4th quarter valued at about $219,000. Principal Securities Inc. purchased a new stake in 3M during the fourth quarter worth about $527,000. Teacher Retirement System of Texas lifted its position in shares of 3M by 29.9% during the fourth quarter. Teacher Retirement System of Texas now owns 129,278 shares of the conglomerate’s stock worth $14,133,000 after purchasing an additional 29,772 shares in the last quarter. Finally, AGF Management Ltd. boosted its stake in shares of 3M by 33.1% in the fourth quarter. AGF Management Ltd. now owns 6,616 shares of the conglomerate’s stock valued at $723,000 after purchasing an additional 1,644 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MMM. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Wells Fargo & Company lifted their target price on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Bank of America upped their price target on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Morgan Stanley started coverage on 3M in a research note on Friday. They issued an “underweight” rating and a $125.00 price objective for the company. Finally, Royal Bank of Canada upped their target price on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, 3M has an average rating of “Hold” and an average target price of $124.43.

3M Stock Up 0.0 %

Shares of MMM opened at $128.61 on Monday. The firm has a fifty day moving average price of $118.48 and a 200 day moving average price of $105.18. 3M has a 1-year low of $71.12 and a 1-year high of $134.99. 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 (NYSE:MMM) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The firm had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period in the prior year, the firm earned $2.17 EPS. Research analysts anticipate that 3M will post 7.2 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be issued a $0.70 dividend. The ex-dividend date is Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.18%. 3M’s payout ratio is -22.01%.

Insider Activity at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the 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 sale, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

3M 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.