3M (NYSE:MMM) Shares Sold by HM Payson & Co.

HM Payson & Co. lowered its position in shares of 3M (NYSE:MMM) by 1.7% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 21,891 shares of the conglomerate’s stock after selling 380 shares during the quarter. HM Payson & Co.’s holdings in 3M were worth $2,993,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Capital World Investors acquired a new stake in 3M in the 1st quarter valued at $165,986,000. International Assets Investment Management LLC boosted its position in shares of 3M by 11,601.2% in the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after buying an additional 1,250,491 shares during the period. National Bank of Canada FI grew its stake in shares of 3M by 218.3% in the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after buying an additional 1,021,440 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in 3M by 1,015.6% in the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after acquiring an additional 808,914 shares during the period. Finally, Electron Capital Partners LLC acquired a new stake in 3M during the 2nd quarter valued at $76,732,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

MMM stock traded up $0.44 on Thursday, reaching $128.00. 134,170 shares of the company were exchanged, compared to its average volume of 4,907,339. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. 3M has a 12 month low of $74.51 and a 12 month high of $141.34. The stock’s fifty day moving average price is $133.07 and its 200 day moving average price is $114.80. The firm has a market capitalization of $70.83 billion, a PE ratio of -10.03, a PEG ratio of 2.42 and a beta of 0.95.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s revenue was down 24.3% on a year-over-year basis. During the same quarter last year, the company earned $2.68 earnings per share. On average, research analysts anticipate that 3M will post 7.26 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is -22.01%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Wells Fargo & Company increased their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Morgan Stanley assumed coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Finally, Bank of America increased their price objective on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $139.27.

Insider Transactions at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred 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 transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of 3M 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 transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction 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 sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

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.