Starfire Investment Advisers Inc. Sells 792 Shares of 3M Co (MMM)

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Starfire Investment Advisers Inc. lowered its stake in 3M Co (NYSE:MMM) by 32.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,680 shares of the conglomerate’s stock after selling 792 shares during the quarter. Starfire Investment Advisers Inc.’s holdings in 3M were worth $354,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Pendal Group Ltd boosted its holdings in 3M by 57.1% during the 2nd quarter. Pendal Group Ltd now owns 2,704 shares of the conglomerate’s stock valued at $532,000 after acquiring an additional 983 shares during the period. Courier Capital LLC lifted its holdings in shares of 3M by 0.8% in the 2nd quarter. Courier Capital LLC now owns 31,480 shares of the conglomerate’s stock worth $6,193,000 after buying an additional 259 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of 3M by 15.1% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 16,522 shares of the conglomerate’s stock worth $3,250,000 after buying an additional 2,162 shares during the period. Argus Investors Counsel Inc. lifted its holdings in shares of 3M by 12.0% in the 2nd quarter. Argus Investors Counsel Inc. now owns 22,964 shares of the conglomerate’s stock worth $4,517,000 after buying an additional 2,459 shares during the period. Finally, First Hawaiian Bank lifted its holdings in shares of 3M by 67.5% in the 2nd quarter. First Hawaiian Bank now owns 2,919 shares of the conglomerate’s stock worth $574,000 after buying an additional 1,176 shares during the period. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

In related news, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the transaction, the insider now directly owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory R. Page bought 1,000 shares of 3M stock in a transaction that occurred on Friday, October 26th. The shares were acquired at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the transaction, the director now directly owns 1,500 shares in the company, valued at $276,750. The disclosure for this purchase can be found here. Corporate insiders own 0.72% of the company’s stock.

Several equities research analysts have weighed in on the company. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a report on Tuesday, September 11th. Barclays lowered their target price on 3M from $195.00 to $190.00 and set an “underweight” rating for the company in a report on Monday. Royal Bank of Canada lowered their target price on 3M to $223.00 and set an “outperform” rating for the company in a report on Wednesday, October 24th. Argus lowered their target price on 3M from $240.00 to $225.00 and set a “buy” rating for the company in a report on Wednesday, October 24th. Finally, Deutsche Bank upped their target price on 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a report on Friday, September 28th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $225.16.

MMM opened at $205.58 on Tuesday. The firm has a market capitalization of $121.70 billion, a PE ratio of 22.42, a P/E/G ratio of 1.90 and a beta of 1.18. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.97 and a quick ratio of 1.36. 3M Co has a 12 month low of $181.98 and a 12 month high of $259.77.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.70 by ($0.12). The company had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.41 billion. 3M had a return on equity of 54.60% and a net margin of 13.79%. The company’s revenue was down .2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.33 earnings per share. Research analysts expect that 3M Co will post 10.83 earnings per share for the current year.

3M declared that its Board of Directors has initiated a stock buyback plan on Tuesday, November 13th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the conglomerate to purchase up to 8.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Friday, November 23rd will be given a dividend of $1.36 per share. This represents a $5.44 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Wednesday, November 21st. 3M’s dividend payout ratio is currently 59.32%.

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About 3M

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and 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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