Waldron Private Wealth LLC trimmed its holdings in shares of 3M Co (NYSE:MMM) by 9.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,267 shares of the conglomerate’s stock after selling 444 shares during the period. Waldron Private Wealth LLC’s holdings in 3M were worth $739,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Creative Financial Designs Inc. ADV increased its holdings in shares of 3M by 202.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 101 shares during the period. Weaver Consulting Group bought a new position in 3M during the first quarter valued at about $32,000. Cordasco Financial Network boosted its stake in 3M by 220.0% during the first quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock valued at $33,000 after buying an additional 110 shares in the last quarter. Capital Financial Planning LLC bought a new position in 3M during the fourth quarter valued at about $34,000. Finally, Arcus Capital Partners LLC bought a new position in 3M during the second quarter valued at about $35,000. 67.55% of the stock is currently owned by institutional investors.
Shares of NYSE:MMM traded up $2.45 during midday trading on Tuesday, reaching $164.55. The company had a trading volume of 2,553,246 shares, compared to its average volume of 3,128,843. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. 3M Co has a 1-year low of $158.04 and a 1-year high of $219.75. The company has a market capitalization of $94.04 billion, a price-to-earnings ratio of 15.73, a price-to-earnings-growth ratio of 1.73 and a beta of 1.09. The company has a fifty day simple moving average of $171.61.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Friday, August 16th will be given a $1.44 dividend. The ex-dividend date is Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.50%. 3M’s dividend payout ratio (DPR) is 55.07%.
In related news, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total value of $177,216.00. Following the completion of the transaction, the insider now owns 5,974 shares in the company, valued at approximately $1,017,969.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joaquin Delgado sold 5,400 shares of the stock in a transaction on Friday, May 17th. The shares were sold at an average price of $169.68, for a total value of $916,272.00. Following the completion of the transaction, the insider now owns 28,092 shares of the company’s stock, valued at approximately $4,766,650.56. The disclosure for this sale can be found here. Company insiders own 0.83% of the company’s stock.
MMM has been the subject of several research reports. Gordon Haskett cut 3M from a “buy” rating to a “hold” rating and set a $191.98 target price for the company. in a research note on Monday, April 29th. Bank of America decreased their target price on 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Credit Suisse Group raised their target price on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Morgan Stanley raised their target price on 3M from $172.00 to $177.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Finally, Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $183.00 target price for the company in a research note on Monday, July 29th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $182.54.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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