Transcend Capital Advisors LLC Reduces Stock Position in 3M Company $MMM

Transcend Capital Advisors LLC lowered its holdings in shares of 3M Company (NYSE:MMM) by 53.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,836 shares of the conglomerate’s stock after selling 6,581 shares during the quarter. Transcend Capital Advisors LLC’s holdings in 3M were worth $889,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake 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 buying an additional 1,872 shares during the last quarter. Bison Wealth LLC grew its stake in shares of 3M by 10.2% during the fourth quarter. Bison Wealth LLC now owns 2,751 shares of the conglomerate’s stock valued at $355,000 after acquiring an additional 255 shares in the last quarter. Koshinski Asset Management Inc. grew its stake in 3M by 2.3% in the first quarter. Koshinski Asset Management Inc. now owns 27,329 shares of the conglomerate’s stock worth $4,014,000 after purchasing an additional 610 shares in the last quarter. Beaton Management Co. Inc. grew its stake in 3M by 0.9% in the first quarter. Beaton Management Co. Inc. now owns 10,925 shares of the conglomerate’s stock worth $1,604,000 after purchasing an additional 100 shares in the last quarter. Finally, Smallwood Wealth Investment Management LLC acquired a new position in 3M in the first quarter valued at approximately $52,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the sale, the insider directly owned 2,900 shares of the company’s stock, valued at $435,522. This represents a 68.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the sale, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. This trade represents a 57.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.48% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on MMM. UBS Group lifted their target price on 3M from $184.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Weiss Ratings reissued a “buy (b-)” rating on shares of 3M in a report on Wednesday, October 8th. Morgan Stanley set a $160.00 price target on 3M and gave the company an “equal weight” rating in a report on Tuesday, October 21st. JPMorgan Chase & Co. lifted their price objective on shares of 3M from $175.00 to $178.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Finally, Wells Fargo & Company boosted their price target on shares of 3M from $176.00 to $183.00 and gave the company an “overweight” rating in a report on Wednesday, October 22nd. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $172.67.

3M Stock Performance

NYSE MMM opened at $166.67 on Wednesday. The firm has a market cap of $88.54 billion, a price-to-earnings ratio of 26.62, a PEG ratio of 2.97 and a beta of 1.05. The company has a 50 day moving average of $156.49 and a 200-day moving average of $150.58. The company has a current ratio of 1.84, a quick ratio of 1.40 and a debt-to-equity ratio of 2.54. 3M Company has a 1-year low of $121.98 and a 1-year high of $172.85.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, February 21st. The conglomerate reported $2.45 earnings per share for the quarter. The company had revenue of $8.38 billion during the quarter. 3M had a net margin of 13.70% and a return on equity of 98.47%. On average, equities analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Monday, August 25th were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Monday, August 25th. 3M’s dividend payout ratio is 46.65%.

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.