Braun Bostich & Associates Inc. Trims Stock Position in 3M (NYSE:MMM)

Braun Bostich & Associates Inc. lessened its stake in 3M (NYSE:MMM) by 6.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,087 shares of the conglomerate’s stock after selling 135 shares during the quarter. Braun Bostich & Associates Inc.’s holdings in 3M were worth $285,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. CVA Family Office LLC grew its stake 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 during the period. Fortis Capital Advisors LLC increased its holdings in 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after buying an additional 84 shares in the last quarter. Brown Brothers Harriman & Co. increased its stake in shares of 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 purchasing an additional 97 shares in the last quarter. AMG National Trust Bank boosted its position in 3M by 3.1% during the second quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock worth $340,000 after purchasing an additional 100 shares in the last quarter. Finally, Platinum Investment Management Ltd. grew its holdings in 3M by 11.4% in the first quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock valued at $108,000 after purchasing an additional 104 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. This represents 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 available at the SEC website. In related news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction on 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 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 position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Bank of America upped their target price on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Barclays increased their price objective on shares of 3M from $145.00 to $160.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Citigroup boosted their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Royal Bank of Canada increased 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. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $127.64.

3M Stock Performance

NYSE:MMM opened at $135.75 on Wednesday. The company’s 50-day moving average is $131.97 and its two-hundred day moving average is $111.97. The firm has a market capitalization of $75.12 billion, a price-to-earnings ratio of -10.67, a PEG ratio of 2.49 and a beta of 0.95. 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 has a 1-year low of $71.12 and a 1-year high of $140.72.

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

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.06%. 3M’s dividend payout ratio is currently -22.01%.

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.