Gladstone Institutional Advisory LLC Sells 5,044 Shares of 3M (NYSE:MMM)

Gladstone Institutional Advisory LLC trimmed its position in 3M (NYSE:MMM - Free Report) by 20.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,524 shares of the conglomerate's stock after selling 5,044 shares during the quarter. Gladstone Institutional Advisory LLC's holdings in 3M were worth $2,669,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MMM. Summit Wealth Partners LLC lifted its position in shares of 3M by 57.6% during the 3rd quarter. Summit Wealth Partners LLC now owns 3,115 shares of the conglomerate's stock worth $426,000 after buying an additional 1,139 shares during the last quarter. LCM Capital Management Inc bought a new stake in shares of 3M during the 3rd quarter worth $246,000. Palumbo Wealth Management LLC bought a new stake in shares of 3M during the 3rd quarter worth $266,000. Catalyst Financial Partners LLC bought a new stake in shares of 3M during the 3rd quarter worth $250,000. Finally, Financial Advocates Investment Management lifted its position in shares of 3M by 33.6% during the 3rd quarter. Financial Advocates Investment Management now owns 5,645 shares of the conglomerate's stock worth $772,000 after buying an additional 1,421 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently weighed in on MMM. Deutsche Bank Aktiengesellschaft upgraded 3M from a "hold" rating to a "buy" rating and upped their price objective for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Citigroup increased their target price on 3M from $100.00 to $133.00 and gave the company a "neutral" rating in a research report on Monday, July 29th. Melius upgraded 3M from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. Argus upgraded 3M from a "hold" rating to a "buy" rating and set a $145.00 target price for the company in a research report on Tuesday, July 30th. Finally, Barclays increased their target price on 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $139.27.

Insider Activity at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on 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 directly owns 4,364 shares in the company, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other 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 directly owns 174,036 shares of the company's stock, valued at approximately $21,486,484.56. The trade was 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. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M 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 directly owns 4,364 shares in the company, valued at $541,659.68. This trade represents 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 owned by company insiders.

3M Stock Down 1.0 %

Shares of MMM traded down $1.25 on Friday, reaching $127.22. The stock had a trading volume of 3,068,858 shares, compared to its average volume of 3,918,945. The firm has a market capitalization of $69.28 billion, a price-to-earnings ratio of 16.06, a price-to-earnings-growth ratio of 2.07 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The company has a 50-day simple moving average of $133.00 and a 200-day simple moving average of $115.31. 3M has a 12-month low of $75.40 and a 12-month high of $141.34.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts' consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm's revenue for the quarter was down 24.3% on a year-over-year basis. During the same quarter last year, the company earned $2.68 EPS. Sell-side analysts predict that 3M will post 7.28 EPS for the current year.

3M Dividend Announcement

The business 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 was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.20%. 3M's dividend payout ratio (DPR) is presently 35.35%.

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.