Plato Investment Management Ltd Sells 4,050 Shares of 3M (NYSE:MMM)

Plato Investment Management Ltd cut its position in shares of 3M (NYSE:MMM) by 27.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,727 shares of the conglomerate’s stock after selling 4,050 shares during the quarter. Plato Investment Management Ltd’s holdings in 3M were worth $1,096,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MMM. Candriam S.C.A. boosted its holdings in shares of 3M by 19.2% during the 2nd quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after buying an additional 6,185 shares in the last quarter. Ausdal Financial Partners Inc. grew its holdings in 3M by 6.7% in the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after purchasing an additional 249 shares during the period. Jade Capital Advisors LLC bought a new position in shares of 3M during the fourth quarter valued at approximately $4,373,000. Scarborough Advisors LLC purchased a new position in shares of 3M during the fourth quarter valued at approximately $978,000. Finally, KMG Fiduciary Partners LLC boosted its position in shares of 3M by 2.2% in the 1st quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock worth $1,567,000 after purchasing an additional 311 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Price Performance

Shares of MMM opened at $133.18 on Monday. The firm has a market cap of $73.16 billion, a PE ratio of -10.47, a P/E/G ratio of 2.41 and a beta of 0.95. 3M has a 1-year low of $71.12 and a 1-year high of $134.99. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The firm has a fifty day simple moving average of $121.42 and a two-hundred day simple moving average of $106.54.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The company 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 quarter in the prior year, the business earned $2.17 earnings per share. On average, equities analysts anticipate that 3M will post 7.22 EPS for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.10%. 3M’s dividend payout ratio (DPR) is -22.01%.

Analyst Ratings Changes

MMM has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and raised their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Morgan Stanley started coverage on 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target for the company. Royal Bank of Canada upped their price target 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. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Citigroup upped their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $124.43.

Insider Activity at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the 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 transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other 3M news, 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 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 document filed with the SEC, which is accessible through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’s 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 completion of the transaction, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company 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.