3M (NYSE:MMM) Shares Sold by Columbus Macro LLC

Columbus Macro LLC decreased its stake in shares of 3M (NYSE:MMM) by 6.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 12,065 shares of the conglomerate’s stock after selling 804 shares during the period. Columbus Macro LLC’s holdings in 3M were worth $1,644,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in 3M by 0.8% during the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after buying an additional 377,703 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of 3M by 11.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after purchasing an additional 533,520 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of 3M by 2.0% in the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after purchasing an additional 97,340 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of 3M by 18.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after purchasing an additional 396,773 shares in the last quarter. Finally, Nordea Investment Management AB lifted its stake in 3M by 8.2% during the first quarter. Nordea Investment Management AB now owns 2,168,811 shares of the conglomerate’s stock valued at $228,875,000 after purchasing an additional 164,236 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Stock Down 0.4 %

Shares of NYSE:MMM traded down $0.54 during midday trading on Friday, hitting $135.14. 2,791,646 shares of the stock were exchanged, compared to its average volume of 4,893,641. The company has a market capitalization of $74.78 billion, a PE ratio of -10.62, a P/E/G ratio of 2.49 and a beta of 0.95. 3M has a 52-week low of $71.12 and a 52-week high of $140.72. 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’s fifty day simple moving average is $132.67 and its two-hundred day simple moving average is $112.73.

3M (NYSE:MMM) last issued its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.25. The company had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period in the prior year, the firm posted $2.17 EPS. As a group, research analysts predict that 3M will post 7.24 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.07%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio is -22.01%.

Wall Street Analysts Forecast Growth

MMM has been the topic of several recent research reports. Wells Fargo & Company lifted their price target on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a report on Tuesday, July 30th. Royal Bank of Canada upped 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. Citigroup lifted their price target on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Finally, Morgan Stanley assumed coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $130.57.

Insider Transactions at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were 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 in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s 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 $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents 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 company insiders.

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.