First City Capital Management Inc. Sells 2,358 Shares of 3M (NYSE:MMM)

First City Capital Management Inc. lessened its stake in 3M (NYSE:MMM) by 33.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,768 shares of the conglomerate’s stock after selling 2,358 shares during the period. First City Capital Management Inc.’s holdings in 3M were worth $487,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Tributary Capital Management LLC purchased a new stake in shares of 3M during the first quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. boosted its position in 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after buying an additional 197 shares during the period. MFA Wealth Advisors LLC bought a new stake in 3M in the 2nd quarter worth $28,000. Meeder Asset Management Inc. increased its position in shares of 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 acquiring an additional 269 shares during the period. Finally, Northwest Investment Counselors LLC bought a new position in shares of 3M during the first quarter valued at about $32,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on MMM shares. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a report on Thursday, June 13th. Morgan Stanley initiated coverage on 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Finally, Royal Bank of Canada lifted their target price on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $124.43.

3M Trading Up 0.7 %

3M stock opened at $134.77 on Friday. 3M has a 12 month low of $71.12 and a 12 month high of $135.32. The company has a market capitalization of $74.58 billion, a price-to-earnings ratio of -10.60, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95. The business’s fifty day simple moving average is $124.63 and its two-hundred day simple moving average is $107.91. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last announced its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The company had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the previous year, the business posted $2.17 EPS. As a group, equities analysts predict that 3M will post 7.22 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.08%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio (DPR) is currently -22.01%.

Insider Buying and Selling

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

3M Company 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.