3M (NYSE:MMM) CFO Sells $260,652.00 in Stock

3M (NYSE:MMM) CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The transaction was disclosed in a document filed with the SEC, which is available through this link.

3M Trading Down 0.8 %

MMM traded down $0.96 during mid-day trading on Friday, hitting $124.17. The stock had a trading volume of 3,247,914 shares, compared to its average volume of 5,417,748. The stock’s fifty day simple moving average is $107.04 and its 200-day simple moving average is $100.04. The firm has a market capitalization of $68.71 billion, a price-to-earnings ratio of -9.76, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95. 3M has a 1-year low of $71.12 and a 1-year high of $128.65. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM) last released 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 business had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the prior year, the company earned $2.17 EPS. As a group, research analysts forecast that 3M will post 7.21 EPS for the current fiscal year.

3M Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Hedge Funds Weigh In On 3M

Institutional investors and hedge funds have recently modified their holdings of the business. Jade Capital Advisors LLC bought a new position in 3M during the fourth quarter worth $4,373,000. Scarborough Advisors LLC acquired a new position in 3M in the 4th quarter valued at about $978,000. KMG Fiduciary Partners LLC raised its holdings in 3M by 2.2% in the 1st quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock valued at $1,567,000 after acquiring an additional 311 shares during the period. Norden Group LLC lifted its position in 3M by 1,381.0% during the first quarter. Norden Group LLC now owns 65,341 shares of the conglomerate’s stock worth $6,930,000 after acquiring an additional 60,929 shares during the last quarter. Finally, Financial Synergies Wealth Advisors Inc. boosted its holdings 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 acquiring an additional 197 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on MMM. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their price target for the stock from $91.13 to $115.00 in a research report on Friday, May 10th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $110.00 to $111.00 in a research note on Wednesday, May 1st. Wells Fargo & Company upped their price target on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. Finally, Royal Bank of Canada lifted their price objective on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $123.57.

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.