HPM Partners LLC reduced its holdings in shares of 3M Co (NYSE:MMM) by 1.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,292 shares of the conglomerate’s stock after selling 284 shares during the period. HPM Partners LLC’s holdings in 3M were worth $5,172,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Cadinha & Co. LLC increased its stake in 3M by 3.9% during the 2nd quarter. Cadinha & Co. LLC now owns 6,390 shares of the conglomerate’s stock valued at $1,257,000 after purchasing an additional 240 shares in the last quarter. Montecito Bank & Trust increased its stake in 3M by 3.8% during the 2nd quarter. Montecito Bank & Trust now owns 6,680 shares of the conglomerate’s stock valued at $1,314,000 after purchasing an additional 242 shares in the last quarter. REDW Stanley Financial Advisors LLC grew its stake in shares of 3M by 8.2% in the second quarter. REDW Stanley Financial Advisors LLC now owns 3,294 shares of the conglomerate’s stock worth $648,000 after acquiring an additional 250 shares during the period. Ascension Asset Management LLC grew its stake in shares of 3M by 3.3% in the second quarter. Ascension Asset Management LLC now owns 7,775 shares of the conglomerate’s stock worth $1,529,000 after acquiring an additional 250 shares during the period. Finally, Ausdal Financial Partners Inc. grew its stake in shares of 3M by 12.2% in the second quarter. Ausdal Financial Partners Inc. now owns 2,338 shares of the conglomerate’s stock worth $460,000 after acquiring an additional 254 shares during the period. 66.93% of the stock is owned by institutional investors.
Shares of NYSE MMM opened at $216.33 on Monday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.56 and a quick ratio of 1.08. The company has a market cap of $126.90 billion, a P/E ratio of 22.72, a price-to-earnings-growth ratio of 2.07 and a beta of 1.16. 3M Co has a 12-month low of $190.57 and a 12-month high of $259.77.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 12th. Investors of record on Friday, August 24th were given a dividend of $1.36 per share. The ex-dividend date was Thursday, August 23rd. This represents a $5.44 annualized dividend and a yield of 2.51%. 3M’s dividend payout ratio (DPR) is 59.32%.
A number of analysts have recently commented on the stock. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research note on Tuesday, September 11th. UBS Group lifted their price target on shares of 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a research note on Thursday, August 30th. Citigroup set a $263.00 price target on shares of 3M and gave the stock a “buy” rating in a research note on Saturday, June 9th. Morgan Stanley assumed coverage on shares of 3M in a research note on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price target for the company. Finally, Barclays reduced their price target on shares of 3M from $210.00 to $201.00 and set an “underweight” rating for the company in a research note on Wednesday, July 25th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. 3M currently has a consensus rating of “Hold” and a consensus target price of $234.97.
In related news, insider Jon T. Lindekugel sold 6,410 shares of the business’s stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $203.01, for a total transaction of $1,301,294.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric D. Hammes sold 1,272 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the sale, the insider now owns 5,634 shares of the company’s stock, valued at $1,216,944. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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