3M (NYSE:MMM) Stake Reduced by Newport Trust Company LLC

Newport Trust Company LLC trimmed its stake in 3M (NYSE:MMM - Free Report) by 2.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,591,617 shares of the conglomerate's stock after selling 210,309 shares during the quarter. 3M makes up 1.9% of Newport Trust Company LLC's portfolio, making the stock its 11th biggest holding. Newport Trust Company LLC owned approximately 1.37% of 3M worth $775,787,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Fortis Capital Advisors LLC grew its stake in 3M by 2.9% in the 2nd quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate's stock worth $307,000 after acquiring an additional 84 shares during the period. Brown Brothers Harriman & Co. increased its stake in 3M by 0.4% in the second quarter. Brown Brothers Harriman & Co. now owns 22,613 shares of the conglomerate's stock valued at $2,311,000 after purchasing an additional 97 shares during the last quarter. AMG National Trust Bank lifted its position in 3M by 3.1% during the second quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate's stock worth $340,000 after buying an additional 100 shares during the period. Platinum Investment Management Ltd. boosted its stake in 3M by 11.4% in the 1st quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate's stock worth $108,000 after buying an additional 104 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in 3M by 2.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate's stock valued at $562,000 after buying an additional 105 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Up 0.7 %

Shares of MMM stock traded up $0.92 during mid-day trading on Friday, reaching $134.76. 11,579,577 shares of the company were exchanged, compared to its average volume of 5,120,394. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The business's 50 day simple moving average is $124.63 and its 200 day simple moving average is $107.80. The company has a market capitalization of $74.57 billion, a P/E ratio of -10.59, a P/E/G ratio of 2.41 and a beta of 0.95. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $135.32.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating analysts' consensus estimates of $1.68 by $0.25. The business had revenue of $6.26 billion during the quarter, compared to the consensus estimate 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 previous year, the business earned $2.17 EPS. Research analysts predict that 3M will post 7.22 earnings per share for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend was Monday, August 26th. 3M's dividend payout ratio (DPR) is -22.01%.

Analyst Upgrades and Downgrades

MMM has been the topic of several recent analyst reports. StockNews.com lowered shares of 3M from a "buy" rating to a "hold" rating in a report on Monday, July 29th. Citigroup increased their price target 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. Barclays lifted their price target on shares of 3M from $120.00 to $145.00 and gave the company an "overweight" rating in a report on Monday, July 29th. Morgan Stanley started coverage on 3M in a report on Friday, September 6th. They set an "underweight" rating and a $125.00 price objective for the company. Finally, Royal Bank of Canada lifted their target price on 3M from $93.00 to $95.00 and gave the company an "underperform" rating in a report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $124.43.

Insider Transactions at 3M

In other 3M 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 completion of the transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Chairman Michael F. Roman sold 5,675 shares of the 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 of the company's stock, valued at $21,486,484.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 transaction, the chief financial officer now owns 4,364 shares of the company's stock, valued at approximately $541,659.68. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

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.