King Luther Capital Management Corp Has $1.15 Million Stock Position in 3M (NYSE:MMM)

King Luther Capital Management Corp reduced its holdings in shares of 3M (NYSE:MMM) by 9.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,279 shares of the conglomerate’s stock after selling 1,207 shares during the quarter. King Luther Capital Management Corp’s holdings in 3M were worth $1,153,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of MMM. Gilbert & Cook Inc. acquired a new stake in 3M in the fourth quarter valued at $481,000. Aveo Capital Partners LLC bought a new position in 3M during the fourth quarter worth about $219,000. Commerce Bank increased its position in 3M by 1.2% during the fourth quarter. Commerce Bank now owns 70,025 shares of the conglomerate’s stock worth $7,655,000 after buying an additional 810 shares during the last quarter. AXS Investments LLC raised its stake in 3M by 15.6% in the fourth quarter. AXS Investments LLC now owns 1,370 shares of the conglomerate’s stock valued at $150,000 after buying an additional 185 shares during the period. Finally, Cape Investment Advisory Inc. lifted its position in shares of 3M by 42.8% in the fourth quarter. Cape Investment Advisory Inc. now owns 387 shares of the conglomerate’s stock valued at $42,000 after buying an additional 116 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s 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 sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of 3M 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 sale, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

3M Stock Performance

MMM opened at $134.77 on Monday. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a 52-week low of $71.12 and a 52-week high of $135.32. The firm has a market cap of $74.58 billion, a P/E ratio of -10.60, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95. The business’s fifty day moving average is $124.63 and its 200-day moving average is $108.02.

3M (NYSE:MMM) last announced its quarterly earnings data 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 firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period in the prior year, the company posted $2.17 earnings per share. Sell-side analysts expect that 3M will post 7.22 EPS for the current fiscal year.

3M Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in 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 research note on Thursday, June 13th. Citigroup increased their price objective on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Barclays raised their target price on shares of 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Royal Bank of Canada upped their price target 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. Finally, Bank of America raised their price objective on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, 3M has an average rating of “Hold” and an average price target of $124.43.

About 3M

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.