RMB Capital Management LLC Sells 556 Shares of 3M (NYSE:MMM)

RMB Capital Management LLC lessened its stake in shares of 3M (NYSE:MMM) by 5.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,078 shares of the conglomerate’s stock after selling 556 shares during the period. RMB Capital Management LLC’s holdings in 3M were worth $1,749,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Mission Wealth Management LP raised its stake in shares of 3M by 0.7% during the first quarter. Mission Wealth Management LP now owns 6,733 shares of the conglomerate’s stock valued at $1,297,000 after acquiring an additional 49 shares in the last quarter. St. Johns Investment Management Company LLC raised its stake in 3M by 0.8% in the first quarter. St. Johns Investment Management Company LLC now owns 6,689 shares of the conglomerate’s stock worth $1,289,000 after buying an additional 51 shares in the last quarter. Cypress Wealth Services LLC raised its stake in 3M by 1.8% in the first quarter. Cypress Wealth Services LLC now owns 2,863 shares of the conglomerate’s stock worth $552,000 after buying an additional 52 shares in the last quarter. Hubbell Strickland Wealth Management LLC raised its stake in 3M by 2.7% in the first quarter. Hubbell Strickland Wealth Management LLC now owns 1,985 shares of the conglomerate’s stock worth $382,000 after buying an additional 53 shares in the last quarter. Finally, Vigilant Capital Management LLC raised its stake in 3M by 1.6% in the first quarter. Vigilant Capital Management LLC now owns 3,517 shares of the conglomerate’s stock worth $678,000 after buying an additional 55 shares in the last quarter. 66.42% of the stock is owned by hedge funds and other institutional investors.

A number of equities analysts recently commented on the stock. Credit Suisse Group reduced their price objective on shares of 3M from $213.00 to $210.00 and set an “outperform” rating for the company in a research note on Wednesday, April 28th. Barclays boosted their price objective on shares of 3M from $163.00 to $180.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 6th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $206.00 price objective for the company in a research note on Thursday, April 29th. Morgan Stanley lifted their price target on shares of 3M from $188.00 to $200.00 and gave the stock an “equal weight” rating in a report on Monday, April 12th. Finally, Royal Bank of Canada lifted their price target on shares of 3M from $198.00 to $200.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 28th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. 3M has a consensus rating of “Hold” and a consensus target price of $193.45.

In related news, EVP Kristen M. Ludgate sold 933 shares of the business’s stock in a transaction on Wednesday, April 21st. The shares were sold at an average price of $200.00, for a total transaction of $186,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Ivan K. Fong sold 12,059 shares of the business’s stock in a transaction on Friday, April 30th. The shares were sold at an average price of $198.46, for a total transaction of $2,393,229.14. Following the transaction, the vice president now owns 47,872 shares of the company’s stock, valued at $9,500,677.12. The disclosure for this sale can be found here. Insiders have sold 13,025 shares of company stock worth $2,586,414 over the last three months. Corporate insiders own 0.34% of the company’s stock.

Shares of MMM opened at $203.13 on Friday. The stock has a market capitalization of $117.75 billion, a price-to-earnings ratio of 20.73, a PEG ratio of 2.20 and a beta of 0.96. The company has a quick ratio of 1.30, a current ratio of 1.83 and a debt-to-equity ratio of 1.22. 3M has a 1-year low of $148.80 and a 1-year high of $208.95. The firm’s fifty day moving average is $200.54.

3M (NYSE:MMM) last announced its quarterly earnings data on Monday, April 26th. The conglomerate reported $2.77 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.48. The firm had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.43 billion. 3M had a net margin of 17.34% and a return on equity of 44.00%. The business’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.16 earnings per share. On average, equities research analysts forecast that 3M will post 9.73 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 12th. Stockholders of record on Friday, May 21st will be issued a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date is Thursday, May 20th. 3M’s dividend payout ratio (DPR) is presently 67.73%.

About 3M

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

Read More: Debt-To-Equity Ratio

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

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