Crewe Advisors LLC cut its holdings in shares of 3M Co (NYSE:MMM) by 20.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 536 shares of the conglomerate’s stock after selling 138 shares during the period. Crewe Advisors LLC’s holdings in 3M were worth $88,000 as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of MMM. Kempen Capital Management N.V. acquired a new position in 3M in the second quarter valued at $25,000. 1 North Wealth Services LLC acquired a new position in 3M in the third quarter valued at $26,000. Atwater Malick LLC acquired a new position in 3M in the third quarter valued at $30,000. Arcus Capital Partners LLC acquired a new position in 3M in the second quarter valued at $35,000. Finally, Bridger Capital Management LLC acquired a new position in 3M in the third quarter valued at $33,000. Institutional investors own 66.54% of the company’s stock.
In related news, EVP Julie L. Bushman sold 6,879 shares of 3M stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $165.09, for a total value of $1,135,654.11. Also, EVP Khandpur K. Ashish sold 3,362 shares of 3M stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $174.20, for a total transaction of $585,660.40. The disclosure for this sale can be found here. Insiders sold a total of 13,216 shares of company stock valued at $2,233,940 over the last ninety days. Company insiders own 0.83% of the company’s stock.
MMM has been the subject of several research analyst reports. Wolfe Research set a $177.00 price objective on shares of 3M and gave the company a “sell” rating in a research note on Friday, October 25th. Citigroup cut their price target on shares of 3M from $197.00 to $180.00 and set a “buy” rating for the company in a report on Tuesday, October 15th. Royal Bank of Canada cut their price target on shares of 3M from $165.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, October 25th. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating and set a $166.00 price target on the stock. in a research report on Monday, October 14th. Finally, Barclays lowered their price target on shares of 3M from $162.00 to $158.00 and set an “underweight” rating on the stock in a research report on Thursday, October 3rd. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $174.25.
Shares of MMM stock traded up $1.97 during mid-day trading on Wednesday, reaching $167.14. The company’s stock had a trading volume of 2,132,755 shares, compared to its average volume of 2,754,877. 3M Co has a 12-month low of $150.58 and a 12-month high of $219.75. The firm has a market capitalization of $97.63 billion, a PE ratio of 15.98, a price-to-earnings-growth ratio of 1.97 and a beta of 1.09. The company has a quick ratio of 1.79, a current ratio of 2.30 and a debt-to-equity ratio of 1.68. The company’s 50 day simple moving average is $168.68 and its 200-day simple moving average is $166.85.
3M (NYSE:MMM) last released its quarterly earnings results on Thursday, October 24th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.49 by $0.09. The firm had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $8.20 billion. 3M had a net margin of 15.48% and a return on equity of 54.02%. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.58 EPS. As a group, research analysts anticipate that 3M Co will post 9.05 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 22nd will be issued a $1.44 dividend. This represents a $5.76 annualized dividend and a dividend yield of 3.45%. The ex-dividend date is Thursday, November 21st. 3M’s dividend payout ratio (DPR) is presently 55.07%.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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