Estabrook Capital Management Cuts Position in 3M Company (MMM)

Estabrook Capital Management decreased its holdings in 3M Company (NYSE:MMM) by 3.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 35,016 shares of the conglomerate’s stock after selling 1,092 shares during the period. Estabrook Capital Management’s holdings in 3M were worth $7,350,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of MMM. MPS Loria Financial Planners LLC purchased a new stake in shares of 3M during the second quarter valued at approximately $124,000. Hoertkorn Richard Charles purchased a new stake in shares of 3M during the third quarter valued at approximately $126,000. Proficio Capital Partners LLC raised its stake in shares of 3M by 156.0% during the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after purchasing an additional 404 shares during the period. Harfst & Associates Inc. raised its stake in shares of 3M by 17.0% during the second quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after purchasing an additional 100 shares during the period. Finally, Mascoma Wealth Management LLC raised its stake in shares of 3M by 87.5% during the third quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock valued at $157,000 after purchasing an additional 350 shares during the period. Hedge funds and other institutional investors own 66.32% of the company’s stock.

In related news, CFO Nicholas C. Gangestad sold 4,004 shares of 3M stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $233.84, for a total transaction of $936,295.36. Following the sale, the chief financial officer now directly owns 25,805 shares in the company, valued at $6,034,241.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Frank R. Jr. Little sold 1,500 shares of 3M stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $234.47, for a total transaction of $351,705.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,804 shares of company stock valued at $5,303,706. Corporate insiders own 0.58% of the company’s stock.

3M Company (NYSE MMM) opened at $231.38 on Friday. The company has a market cap of $137,811.78, a price-to-earnings ratio of 25.85, a price-to-earnings-growth ratio of 2.51 and a beta of 1.08. The company has a quick ratio of 1.47, a current ratio of 2.07 and a debt-to-equity ratio of 0.89. 3M Company has a 1-year low of $171.09 and a 1-year high of $238.90.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.12. 3M had a net margin of 17.71% and a return on equity of 48.55%. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the previous year, the company posted $2.15 earnings per share. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. equities analysts forecast that 3M Company will post 9.08 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Friday, November 24th will be issued a dividend of $0.0118 per share. This represents a $0.05 annualized dividend and a dividend yield of 0.02%. The ex-dividend date is Wednesday, November 22nd. 3M’s dividend payout ratio (DPR) is 52.51%.

MMM has been the subject of a number of research analyst reports. Bank of America Corporation lifted their price target on shares of 3M from $227.00 to $257.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Argus lifted their price target on shares of 3M from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. They noted that the move was a valuation call. Credit Suisse Group restated an “outperform” rating and issued a $237.00 price target (up previously from $229.00) on shares of 3M in a research note on Wednesday, October 11th. Finally, J P Morgan Chase & Co lowered shares of 3M from a “neutral” rating to an “underweight” rating and lifted their price target for the stock from $185.00 to $201.00 in a research note on Wednesday, September 20th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $231.16.

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3M Profile

3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.

Institutional Ownership by Quarter for 3M (NYSE:MMM)

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