GFS Advisors LLC Sells 1,600 Shares of 3M Company (NYSE:MMM)

GFS Advisors LLC lowered its stake in 3M Company (NYSE:MMM) by 16.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,400 shares of the conglomerate’s stock after selling 1,600 shares during the period. GFS Advisors LLC’s holdings in 3M were worth $1,234,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of MMM. Brighton Jones LLC increased its position in shares of 3M by 26.6% in the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate’s stock worth $1,149,000 after purchasing an additional 1,872 shares during the period. Principal Securities Inc. increased its position in shares of 3M by 76.1% in the fourth quarter. Principal Securities Inc. now owns 12,022 shares of the conglomerate’s stock worth $1,552,000 after purchasing an additional 5,195 shares during the period. Americana Partners LLC grew its position in 3M by 27.8% in the fourth quarter. Americana Partners LLC now owns 4,161 shares of the conglomerate’s stock valued at $537,000 after acquiring an additional 906 shares during the last quarter. Catalyst Capital Advisors LLC grew its position in 3M by 81.5% in the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock valued at $47,000 after acquiring an additional 163 shares during the last quarter. Finally, Sanctuary Advisors LLC grew its position in 3M by 5.9% in the fourth quarter. Sanctuary Advisors LLC now owns 69,397 shares of the conglomerate’s stock valued at $8,958,000 after acquiring an additional 3,850 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Insider Activity at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the transaction, the executive vice president now directly owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the transaction, the executive vice president now directly owns 31,372 shares in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

3M Stock Performance

NYSE:MMM opened at $142.43 on Thursday. The stock has a market cap of $76.65 billion, a P/E ratio of 17.98, a price-to-earnings-growth ratio of 2.95 and a beta of 1.03. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72. The stock’s 50-day moving average is $142.76 and its 200-day moving average is $141.99. 3M Company has a 1-year low of $98.26 and a 1-year high of $156.35.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 96.19% and a net margin of 17.79%. The business had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. Equities research analysts anticipate that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.05%. 3M’s payout ratio is presently 36.87%.

Analyst Ratings Changes

A number of research analysts have issued reports on MMM shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Wednesday, June 11th. JPMorgan Chase & Co. lifted their target price on 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Citigroup lifted their target price on 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research report on Friday, May 30th. Royal Bank Of Canada lifted their target price on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Finally, Bank of America lifted their target price on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $155.83.

3M 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.