Cambridge Advisors Inc. Sells 390 Shares of 3M (NYSE:MMM)

Cambridge Advisors Inc. cut its holdings in 3M (NYSE:MMM) by 19.5% during the third quarter, Holdings Channel.com reports. The firm owned 1,611 shares of the conglomerate’s stock after selling 390 shares during the quarter. Cambridge Advisors Inc.’s holdings in 3M were worth $220,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Capital World Investors acquired a new position in shares of 3M in the first quarter valued at $165,986,000. International Assets Investment Management LLC boosted its position in shares of 3M by 11,601.2% in the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after acquiring an additional 1,250,491 shares during the period. National Bank of Canada FI lifted its position in 3M by 218.3% during the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after purchasing an additional 1,021,440 shares during the period. Janus Henderson Group PLC lifted its position in 3M by 1,015.6% during the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after purchasing an additional 808,914 shares during the period. Finally, Electron Capital Partners LLC bought a new stake in 3M during the second quarter worth about $76,732,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a report on Tuesday. Bank of America upped their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday. Wells Fargo & Company upped their price objective on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Mizuho upped their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday. Two investment 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, the company currently has a consensus rating of “Hold” and a consensus price target of $135.67.

3M Stock Performance

NYSE:MMM opened at $126.44 on Friday. The firm has a market cap of $69.97 billion, a PE ratio of -9.94, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. 3M has a fifty-two week low of $72.47 and a fifty-two week high of $141.34. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The business has a 50 day moving average price of $133.07 and a 200-day moving average price of $113.57.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter in the prior year, the company earned $2.68 earnings per share. The firm’s quarterly revenue was down 24.3% compared to the same quarter last year. Equities research analysts predict that 3M will post 7.24 earnings per share for the current 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 given a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.21%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Insiders Place Their Bets

In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred 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 sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s 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 completion of the transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 value of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This represents 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.

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.