Cape ANN Savings Bank Sells 1,014 Shares of 3M (NYSE:MMM)

Cape ANN Savings Bank lessened its stake in shares of 3M (NYSE:MMM) by 40.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,520 shares of the conglomerate’s stock after selling 1,014 shares during the period. Cape ANN Savings Bank’s holdings in 3M were worth $208,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Logan Capital Management Inc. grew its position in 3M by 23.8% during the 4th quarter. Logan Capital Management Inc. now owns 5,210 shares of the conglomerate’s stock valued at $570,000 after purchasing an additional 1,000 shares during the last quarter. Cresset Asset Management LLC grew its holdings in shares of 3M by 1.1% during the fourth quarter. Cresset Asset Management LLC now owns 115,874 shares of the conglomerate’s stock valued at $12,667,000 after buying an additional 1,244 shares during the last quarter. Visionary Wealth Advisors grew its holdings in shares of 3M by 1.9% during the fourth quarter. Visionary Wealth Advisors now owns 28,696 shares of the conglomerate’s stock valued at $3,137,000 after buying an additional 535 shares during the last quarter. Bridgewater Associates LP increased its position in shares of 3M by 90.6% during the fourth quarter. Bridgewater Associates LP now owns 135,930 shares of the conglomerate’s stock valued at $14,860,000 after acquiring an additional 64,605 shares in the last quarter. Finally, Putnam Investments LLC raised its holdings in 3M by 516.6% in the 4th quarter. Putnam Investments LLC now owns 445,217 shares of the conglomerate’s stock worth $48,671,000 after acquiring an additional 373,009 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on MMM shares. Wells Fargo & Company lifted their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday. Bank of America lifted their price objective on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Morgan Stanley initiated coverage on shares of 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 upgraded shares of 3M from a “hold” rating to a “buy” rating and lifted their price target for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Finally, StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report 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, the company presently has a consensus rating of “Hold” and an average price target of $127.64.

Insider Buying and Selling at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction 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 of the company’s stock, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred 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 directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

3M Trading Down 0.1 %

NYSE:MMM opened at $134.69 on Wednesday. 3M has a one year low of $71.12 and a one year high of $140.72. The business has a fifty day moving average price of $130.89 and a 200-day moving average price of $110.71. The firm has a market capitalization of $74.53 billion, a price-to-earnings ratio of -10.59, a price-to-earnings-growth ratio of 2.51 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same quarter in the previous year, the company posted $2.17 earnings per share. Sell-side analysts forecast that 3M will post 7.22 EPS for the current year.

3M Dividend Announcement

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

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.