Boston Trust Walden Corp Reduces Position in 3M (NYSE:MMM)

Boston Trust Walden Corp trimmed its holdings in shares of 3M (NYSE:MMM) by 2.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 19,065 shares of the conglomerate’s stock after selling 385 shares during the quarter. Boston Trust Walden Corp’s holdings in 3M were worth $2,606,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. McClarren Financial Advisors Inc. increased its holdings in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares during the last quarter. Tributary Capital Management LLC bought a new stake in 3M in the first quarter valued at about $25,000. MFA Wealth Advisors LLC bought a new stake in 3M in the second quarter valued at about $28,000. Meeder Asset Management Inc. increased its holdings in 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC bought a new stake in 3M in the second quarter valued at about $33,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several analysts recently weighed in on MMM shares. Mizuho boosted their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Wells Fargo & Company boosted their price objective on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Melius raised 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Barclays upped their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, Citigroup upped their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $135.67.

3M Stock Performance

Shares of NYSE MMM opened at $124.75 on Monday. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The stock has a 50 day simple moving average of $133.00 and a 200-day simple moving average of $114.18. The company has a market cap of $69.03 billion, a PE ratio of -9.81, a P/E/G ratio of 2.42 and a beta of 0.95. 3M has a 12-month low of $72.47 and a 12-month high of $141.34.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business’s revenue was down 24.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.68 earnings per share. On average, equities research analysts forecast that 3M will post 7.26 EPS for the current year.

3M Announces Dividend

The company 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. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.24%. 3M’s dividend payout ratio (DPR) is -22.01%.

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.