Beaton Management Co. Inc. Sells 150 Shares of 3M (NYSE:MMM)

Beaton Management Co. Inc. reduced its stake in shares of 3M (NYSE:MMM) by 1.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,825 shares of the conglomerate’s stock after selling 150 shares during the quarter. Beaton Management Co. Inc.’s holdings in 3M were worth $1,106,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MMM. Gilbert & Cook Inc. acquired a new position in shares of 3M during the 4th quarter worth about $481,000. Aveo Capital Partners LLC bought a new position in 3M in the fourth quarter valued at $219,000. Corient Private Wealth LLC grew its stake in 3M by 4.6% in the fourth quarter. Corient Private Wealth LLC now owns 285,982 shares of the conglomerate’s stock valued at $31,264,000 after purchasing an additional 12,448 shares in the last quarter. CreativeOne Wealth LLC raised its holdings in shares of 3M by 44.3% in the 4th quarter. CreativeOne Wealth LLC now owns 4,977 shares of the conglomerate’s stock valued at $544,000 after purchasing an additional 1,527 shares during the period. Finally, Oak Harbor Wealth Partners LLC acquired a new stake in shares of 3M in the fourth quarter valued at approximately $208,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Citigroup increased their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective on the stock in a report on Thursday, June 13th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. Bank of America raised their price target on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Finally, Royal Bank of Canada lifted 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. 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 stock. According to data from MarketBeat, 3M presently has an average rating of “Hold” and a consensus target price of $124.43.

3M Price Performance

Shares of 3M stock opened at $133.84 on Friday. The firm has a market cap of $74.06 billion, a PE ratio of -10.52, a PEG ratio of 2.41 and a beta of 0.95. The stock has a 50 day moving average of $124.02 and a 200 day moving average of $107.50. 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 has a 12 month low of $71.12 and a 12 month high of $135.32.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The company had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter last year, the firm posted $2.17 EPS. On average, research analysts expect that 3M will post 7.22 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.09%. 3M’s payout ratio is -22.01%.

Insiders Place Their Bets

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

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.