Connors Investor Services Inc. Trims Position in 3M Co (NYSE:MMM)

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Connors Investor Services Inc. lessened its stake in shares of 3M Co (NYSE:MMM) by 8.2% during the 2nd quarter, Holdings Channel reports. The fund owned 32,151 shares of the conglomerate’s stock after selling 2,874 shares during the quarter. Connors Investor Services Inc.’s holdings in 3M were worth $5,573,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Kempen Capital Management N.V. purchased a new stake in 3M in the 2nd quarter valued at about $25,000. Creative Financial Designs Inc. ADV raised its holdings in 3M by 202.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock valued at $31,000 after buying an additional 101 shares during the period. Meridian Wealth Management LLC purchased a new stake in 3M in the 1st quarter valued at about $38,000. Weaver Consulting Group purchased a new stake in 3M in the 1st quarter valued at about $32,000. Finally, Arcus Capital Partners LLC purchased a new stake in 3M in the 2nd quarter valued at about $35,000. Institutional investors and hedge funds own 66.77% of the company’s stock.

In other news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the completion of the transaction, the insider now directly owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.83% of the stock is owned by corporate insiders.

Several analysts recently issued reports on the stock. Bank of America reduced their price objective on shares of 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. Citigroup reduced their price objective on shares of 3M from $221.00 to $197.00 and set a “buy” rating on the stock in a report on Monday, June 3rd. JPMorgan Chase & Co. cut their price target on shares of 3M from $143.00 to $140.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 6th. Royal Bank of Canada set a $179.00 price target on shares of 3M and gave the stock a “hold” rating in a research note on Friday, July 26th. Finally, Barclays reiterated a “sell” rating and set a $162.00 price target on shares of 3M in a research note on Thursday, June 6th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $182.54.

NYSE:MMM traded up $0.34 on Thursday, reaching $167.78. 366,193 shares of the company’s stock were exchanged, compared to its average volume of 2,332,664. The company has a quick ratio of 1.34, a current ratio of 1.93 and a debt-to-equity ratio of 1.53. The firm has a market capitalization of $97.61 billion, a price-to-earnings ratio of 16.04, a price-to-earnings-growth ratio of 1.91 and a beta of 1.11. The business has a fifty day moving average of $163.91 and a 200-day moving average of $180.85. 3M Co has a 52-week low of $154.00 and a 52-week high of $219.75.

3M (NYSE:MMM) last issued its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.04 by $0.16. The company had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.10 billion. 3M had a net margin of 15.27% and a return on equity of 55.05%. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.59 earnings per share. As a group, equities analysts anticipate that 3M Co will post 9.34 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Friday, August 16th were paid a dividend of $1.44 per share. The ex-dividend date was Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a yield of 3.43%. 3M’s dividend payout ratio (DPR) is presently 55.07%.

3M Company Profile

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

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