Commonwealth Equity Services LLC Lowers Position in 3M (NYSE:MMM)

Commonwealth Equity Services LLC lessened its position in 3M (NYSE:MMM - Free Report) by 4.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 472,955 shares of the conglomerate's stock after selling 21,637 shares during the quarter. Commonwealth Equity Services LLC owned about 0.09% of 3M worth $64,653,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MMM. Mitsubishi UFJ Asset Management UK Ltd. acquired a new position in 3M during the third quarter worth about $2,871,000. Friedenthal Financial boosted its holdings in shares of 3M by 953.4% during the 3rd quarter. Friedenthal Financial now owns 5,994 shares of the conglomerate's stock worth $819,000 after purchasing an additional 5,425 shares during the last quarter. Blue Trust Inc. grew its position in shares of 3M by 8.0% in the third quarter. Blue Trust Inc. now owns 32,523 shares of the conglomerate's stock valued at $4,446,000 after purchasing an additional 2,410 shares in the last quarter. Mogy Joel R Investment Counsel Inc. acquired a new stake in shares of 3M in the third quarter valued at approximately $256,000. Finally, Moss Adams Wealth Advisors LLC acquired a new stake in shares of 3M in the third quarter valued at approximately $233,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm'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 of the company's stock, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction on 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares of the company's stock, valued at $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

3M Stock Down 0.4 %

Shares of MMM traded down $0.54 during midday trading on Friday, hitting $135.14. The company had a trading volume of 2,791,646 shares, compared to its average volume of 4,893,641. The company's 50-day simple moving average is $132.67 and its 200-day simple moving average is $112.87. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a 1 year low of $71.12 and a 1 year high of $140.72. The firm has a market capitalization of $74.78 billion, a P/E ratio of -10.62, a P/E/G ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period last year, the business earned $2.17 EPS. As a group, sell-side analysts expect that 3M will post 7.24 EPS for the current year.

3M Dividend Announcement

The firm 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 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date was Monday, August 26th. 3M's dividend payout ratio (DPR) is -22.01%.

Analyst Ratings Changes

MMM has been the subject of several analyst reports. Royal Bank of Canada upped 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. Morgan Stanley initiated coverage on shares of 3M in a report on Friday, September 6th. They issued an "underweight" rating and a $125.00 price objective for the company. Bank of America boosted their target price on shares of 3M from $120.00 to $143.00 and gave the company a "buy" rating in a report on Monday, July 29th. StockNews.com downgraded shares of 3M from a "buy" rating to a "hold" rating in a report on Monday, July 29th. Finally, Citigroup upped their price objective on 3M from $100.00 to $133.00 and gave the company a "neutral" rating in a report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, 3M has a consensus rating of "Hold" and an average target price of $130.57.

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.