Westhampton Capital LLC Sells 745 Shares of 3M (NYSE:MMM)

Westhampton Capital LLC cut its holdings in 3M (NYSE:MMM) by 6.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,127 shares of the conglomerate’s stock after selling 745 shares during the period. Westhampton Capital LLC’s holdings in 3M were worth $1,384,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. CVA Family Office LLC grew its position in shares of 3M by 1.9% during the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after purchasing an additional 79 shares in the last quarter. Fortis Capital Advisors LLC grew its position in 3M by 2.9% during the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after buying an additional 84 shares in the last quarter. KMG Fiduciary Partners LLC increased its stake in 3M by 0.5% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after acquiring an additional 84 shares during the period. Raleigh Capital Management Inc. increased its stake in 3M by 2.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 3,038 shares of the conglomerate’s stock worth $415,000 after acquiring an additional 87 shares during the period. Finally, Brown Brothers Harriman & Co. raised its holdings in 3M by 0.4% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 22,613 shares of the conglomerate’s stock valued at $2,311,000 after acquiring an additional 97 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Insider Buying and Selling

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 stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other 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 directly owns 4,364 shares in the company, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction on 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 transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

3M Price Performance

Shares of MMM opened at $131.73 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The stock has a market cap of $72.89 billion, a PE ratio of -10.36, a PEG ratio of 2.49 and a beta of 0.95. 3M has a 12-month low of $71.12 and a 12-month high of $141.34. The business has a 50-day simple moving average of $133.03 and a two-hundred day simple moving average of $113.46.

3M (NYSE:MMM) last released its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The company had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the prior year, the firm posted $2.17 earnings per share. Analysts anticipate that 3M will post 7.24 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.13%. 3M’s dividend payout ratio is -22.01%.

Analyst Ratings Changes

Several research firms have recently issued reports on MMM. Bank of America increased their target price on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Barclays increased their price objective on shares of 3M from $145.00 to $160.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Morgan Stanley initiated coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and upped their price target for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Finally, Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $133.87.

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.