3M Company (MMM) Shares Sold by Front Street Capital Management Inc.

Front Street Capital Management Inc. decreased its holdings in 3M Company (NYSE:MMM) by 20.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,908 shares of the conglomerate’s stock after selling 500 shares during the period. Front Street Capital Management Inc.’s holdings in 3M were worth $397,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Jackson Grant Investment Advisers Inc. raised its stake in 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after buying an additional 4 shares during the period. Founders Capital Management LLC raised its stake in 3M by 0.4% in the first quarter. Founders Capital Management LLC now owns 1,939 shares of the conglomerate’s stock valued at $371,000 after buying an additional 8 shares during the period. Baystate Wealth Management LLC raised its stake in 3M by 0.6% in the first quarter. Baystate Wealth Management LLC now owns 1,950 shares of the conglomerate’s stock valued at $370,000 after buying an additional 11 shares during the period. Capital Management Corp VA raised its stake in 3M by 0.3% in the first quarter. Capital Management Corp VA now owns 3,934 shares of the conglomerate’s stock valued at $753,000 after buying an additional 11 shares during the period. Finally, Smith Chas P & Associates PA Cpas raised its stake in 3M by 0.7% in the first quarter. Smith Chas P & Associates PA Cpas now owns 1,952 shares of the conglomerate’s stock valued at $374,000 after buying an additional 13 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Shares of 3M Company (MMM) opened at 210.76 on Friday. The firm has a market cap of $125.77 billion, a P/E ratio of 24.04 and a beta of 1.08. The company’s 50-day moving average price is $206.16 and its 200-day moving average price is $201.42. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.65.

3M (NYSE:MMM) last issued its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.01). 3M had a net margin of 17.65% and a return on equity of 47.83%. The business had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the previous year, the firm earned $2.08 EPS. The company’s revenue was up 1.9% compared to the same quarter last year. On average, analysts predict that 3M Company will post $8.95 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th were issued a dividend of $1.175 per share. The ex-dividend date of this dividend was Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a yield of 2.23%. 3M’s payout ratio is 53.59%.

In other 3M news, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.66, for a total transaction of $295,110.48. Following the sale, the vice president now owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul A. Keel sold 4,965 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the sale, the insider now directly owns 5,503 shares in the company, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. Insiders have sold a total of 9,112 shares of company stock worth $1,878,890 in the last three months. Insiders own 0.58% of the company’s stock.

MMM has been the topic of several research analyst reports. Citigroup Inc. restated a “buy” rating and issued a $229.00 price objective (up previously from $220.00) on shares of 3M in a research note on Saturday, June 3rd. BidaskClub lowered 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Morgan Stanley reaffirmed an “underweight” rating and issued a $191.00 target price (down previously from $193.00) on shares of 3M in a research report on Monday, July 10th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $210.00 target price on shares of 3M in a research report on Friday, July 28th. Finally, Zacks Investment Research downgraded 3M from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company’s stock. 3M has an average rating of “Hold” and a consensus target price of $207.35.

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3M Company Profile

3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.

Institutional Ownership by Quarter for 3M (NYSE:MMM)

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