Cadinha & Co. LLC Sells 71,739 Shares of 3M Co (MMM)

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Cadinha & Co. LLC lessened its holdings in 3M Co (NYSE:MMM) by 96.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,585 shares of the conglomerate’s stock after selling 71,739 shares during the period. Cadinha & Co. LLC’s holdings in 3M were worth $493,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Bank of New York Mellon Corp increased its holdings in 3M by 8.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock worth $1,323,362,000 after acquiring an additional 537,325 shares in the last quarter. Morgan Stanley increased its holdings in 3M by 11.9% in the 3rd quarter. Morgan Stanley now owns 4,042,904 shares of the conglomerate’s stock worth $851,879,000 after acquiring an additional 430,262 shares in the last quarter. Legal & General Group Plc increased its holdings in 3M by 1.2% in the 3rd quarter. Legal & General Group Plc now owns 2,681,574 shares of the conglomerate’s stock worth $565,048,000 after acquiring an additional 31,448 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in 3M by 0.4% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,112,753 shares of the conglomerate’s stock worth $445,178,000 after acquiring an additional 7,957 shares in the last quarter. Finally, Neuberger Berman Group LLC increased its holdings in 3M by 5.1% in the 3rd quarter. Neuberger Berman Group LLC now owns 1,899,813 shares of the conglomerate’s stock worth $400,289,000 after acquiring an additional 91,831 shares in the last quarter. Hedge funds and other institutional investors own 66.08% of the company’s stock.

Shares of MMM opened at $199.82 on Monday. The company has a quick ratio of 1.29, a current ratio of 1.89 and a debt-to-equity ratio of 1.36. 3M Co has a 1 year low of $176.87 and a 1 year high of $244.86. The company has a market cap of $116.35 billion, a price-to-earnings ratio of 19.10, a P/E/G ratio of 1.84 and a beta of 1.06.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 29th. The conglomerate reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.28 by $0.03. 3M had a net margin of 16.33% and a return on equity of 57.70%. The business had revenue of $7.95 billion during the quarter, compared to analyst estimates of $7.87 billion. During the same period last year, the firm posted $2.10 EPS. The company’s revenue was down .6% on a year-over-year basis. Analysts forecast that 3M Co will post 10.67 earnings per share for the current fiscal year.

3M announced that its Board of Directors has initiated a share repurchase plan on Tuesday, November 13th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the conglomerate to repurchase up to 8.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 12th. Shareholders of record on Friday, February 15th will be issued a dividend of $1.44 per share. This is a positive change from 3M’s previous quarterly dividend of $1.36. This represents a $5.76 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend is Thursday, February 14th. 3M’s dividend payout ratio (DPR) is 52.01%.

In other 3M news, Chairman Inge G. Thulin sold 13,499 shares of the stock in a transaction that occurred on Wednesday, January 30th. The shares were sold at an average price of $200.00, for a total transaction of $2,699,800.00. Following the completion of the sale, the chairman now directly owns 230,458 shares of the company’s stock, valued at approximately $46,091,600. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.72% of the company’s stock.

Several equities research analysts recently issued reports on MMM shares. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a report on Thursday, December 13th. Barclays reduced their target price on shares of 3M from $190.00 to $189.00 and set an “underweight” rating for the company in a report on Thursday, January 3rd. Deutsche Bank increased their target price on shares of 3M from $206.00 to $210.00 and gave the stock a “hold” rating in a report on Friday, November 16th. Credit Suisse Group reduced their target price on shares of 3M from $228.00 to $222.00 and set an “outperform” rating for the company in a report on Wednesday, October 24th. Finally, Royal Bank of Canada reduced their target price on shares of 3M to $223.00 and set an “outperform” rating for the company in a report on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $214.57.

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3M Company Profile

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.

Read More: Cost of Equity For A Business, Investors

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

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