3M (NYSE:MMM) Shares Sold by Quintet Private Bank Europe S.A.

Quintet Private Bank Europe S.A. lessened its position in shares of 3M (NYSE:MMM) by 19.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 18,046 shares of the conglomerate’s stock after selling 4,273 shares during the quarter. Quintet Private Bank Europe S.A.’s holdings in 3M were worth $2,467,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. McClarren Financial Advisors Inc. boosted its holdings in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares in the last quarter. MFA Wealth Advisors LLC purchased a new stake in shares of 3M in the second quarter valued at approximately $28,000. Meeder Asset Management Inc. grew its stake in shares of 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the period. TruNorth Capital Management LLC acquired a new position in 3M during the second quarter worth about $33,000. Finally, Gradient Investments LLC increased its stake in 3M by 44.7% in the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock valued at $36,000 after purchasing an additional 110 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Trading Up 0.3 %

Shares of MMM traded up $0.38 on Monday, reaching $127.60. 625,098 shares of the company’s stock were exchanged, compared to its average volume of 4,893,422. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The business has a 50 day moving average price of $133.00 and a two-hundred day moving average price of $115.48. The stock has a market capitalization of $69.49 billion, a P/E ratio of 16.11, a price-to-earnings-growth ratio of 2.07 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter in the prior year, the company earned $2.68 earnings per share. The business’s quarterly revenue was down 24.3% compared to the same quarter last year. Research analysts anticipate that 3M will post 7.28 earnings per share for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.19%. 3M’s payout ratio is 35.35%.

Insider Buying and Selling at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the 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 owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $541,659.68. This trade 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 this link. 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on MMM shares. Bank of America lifted their price objective on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and lifted their price objective for the company from $110.00 to $150.00 in a research note on Monday, July 29th. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, Mizuho upped their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $139.27.

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.