Kornitzer Capital Management Inc. KS Has $3.80 Million Stake in 3M (NYSE:MMM)

Kornitzer Capital Management Inc. KS lowered its holdings in 3M (NYSE:MMM) by 12.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 37,159 shares of the conglomerate’s stock after selling 5,065 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in 3M were worth $3,797,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Tributary Capital Management LLC bought a new position in shares of 3M in the first quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. lifted its position in shares of 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares in the last quarter. MFA Wealth Advisors LLC bought a new stake in shares of 3M during the second quarter valued at approximately $28,000. Northwest Investment Counselors LLC bought a new position in 3M in the 1st quarter worth approximately $32,000. Finally, TruNorth Capital Management LLC acquired a new position in 3M during the 2nd quarter worth $33,000. Institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MMM shares. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and lifted their target price for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Wells Fargo & Company lifted their price objective on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Royal Bank of Canada upped their target price on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research report on Monday, July 29th. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target for the company in a research report on Thursday, June 13th. Finally, StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, 3M presently has an average rating of “Moderate Buy” and an average price target of $124.38.

3M Price Performance

Shares of MMM stock opened at $131.40 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. 3M has a 12-month low of $71.12 and a 12-month high of $134.99. The firm has a fifty day moving average of $117.95 and a 200-day moving average of $104.73. The firm has a market capitalization of $72.71 billion, a price-to-earnings ratio of -10.33, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM) last posted its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The firm had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the previous year, the company posted $2.17 earnings per share. On average, equities research analysts forecast that 3M will post 7.2 earnings per share for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 26th will be paid a dividend of $0.70 per share. The ex-dividend date is Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.13%. 3M’s payout ratio is -22.01%.

Insiders Place Their Bets

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

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.