3M (NYSE:MMM) Shares Sold by Perkins Coie Trust Co

Perkins Coie Trust Co cut its holdings in 3M (NYSE:MMM) by 11.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 640 shares of the conglomerate’s stock after selling 85 shares during the period. Perkins Coie Trust Co’s holdings in 3M were worth $87,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ausdal Financial Partners Inc. boosted its stake in 3M by 6.7% in the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock valued at $408,000 after acquiring an additional 249 shares in the last quarter. Candriam S.C.A. boosted its position in 3M by 19.2% during the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock worth $3,931,000 after acquiring an additional 6,185 shares during the last quarter. True Vision MN LLC acquired a new position in shares of 3M in the 2nd quarter valued at $512,000. Clifford Capital Partners LLC lifted its holdings in shares of 3M by 21.3% during the 2nd quarter. Clifford Capital Partners LLC now owns 171,152 shares of the conglomerate’s stock valued at $17,490,000 after acquiring an additional 30,009 shares in the last quarter. Finally, Albar Capital Ltd acquired a new position in shares of 3M during the 2nd quarter valued at $7,319,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

MMM has been the subject of several research reports. 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 report on Tuesday, July 30th. Morgan Stanley assumed coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target for the company. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Wolfe Research upgraded shares of 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. Finally, Bank of America raised their target price on shares of 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $127.64.

Insider Buying and Selling at 3M

In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s 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 directly owns 4,364 shares of the company’s stock, valued at $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’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 completion of the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This 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 Stock Performance

Shares of NYSE:MMM traded up $0.26 on Wednesday, hitting $134.95. The company had a trading volume of 195,514 shares, compared to its average volume of 4,964,443. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The stock has a 50 day moving average price of $131.05 and a 200 day moving average price of $110.91. 3M has a 1-year low of $71.12 and a 1-year high of $140.72. The stock has a market cap of $74.68 billion, a price-to-earnings ratio of -10.59, a P/E/G ratio of 2.51 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion during 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 prior year, the business posted $2.17 earnings per share. Analysts expect that 3M will post 7.22 EPS for the current year.

3M Announces Dividend

The company also recently announced 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. This represents a $2.80 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is presently -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.