Keystone Financial Group Lowers Position in 3M Co (NYSE:MMM)

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Keystone Financial Group lowered its holdings in 3M Co (NYSE:MMM) by 8.3% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,917 shares of the conglomerate’s stock after selling 173 shares during the quarter. Keystone Financial Group’s holdings in 3M were worth $332,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in MMM. M. Kraus & Co increased its position in shares of 3M by 5.2% during the 2nd quarter. M. Kraus & Co now owns 3,630 shares of the conglomerate’s stock valued at $629,000 after purchasing an additional 179 shares during the last quarter. Schafer Cullen Capital Management Inc increased its position in shares of 3M by 26.8% during the 2nd quarter. Schafer Cullen Capital Management Inc now owns 590,654 shares of the conglomerate’s stock valued at $102,384,000 after purchasing an additional 124,665 shares during the last quarter. First Trust Advisors LP increased its position in shares of 3M by 26.8% during the 2nd quarter. First Trust Advisors LP now owns 449,059 shares of the conglomerate’s stock valued at $77,840,000 after purchasing an additional 94,863 shares during the last quarter. AGF Investments LLC bought a new position in shares of 3M during the 2nd quarter valued at about $121,000. Finally, Physicians Financial Services Inc. increased its position in shares of 3M by 11.7% during the 1st quarter. Physicians Financial Services Inc. now owns 16,859 shares of the conglomerate’s stock valued at $3,503,000 after purchasing an additional 1,763 shares during the last quarter. 66.84% of the stock is currently owned by hedge funds and other institutional investors.

In other 3M news, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction that occurred 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 sale, the insider now owns 5,974 shares in the company, valued at approximately $1,017,969.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.83% of the company’s stock.

MMM traded up $0.32 on Tuesday, hitting $156.44. 1,063,296 shares of the company were exchanged, compared to its average volume of 2,945,339. The firm has a fifty day simple moving average of $167.87 and a two-hundred day simple moving average of $185.52. 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 12 month low of $155.08 and a 12 month high of $219.75. The stock has a market capitalization of $89.66 billion, a PE ratio of 14.96, a price-to-earnings-growth ratio of 1.77 and a beta of 1.09.

3M (NYSE:MMM) last released its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter last year, the business posted $2.59 EPS. The business’s revenue was down 2.6% on a year-over-year basis. On average, equities analysts expect that 3M Co will post 9.28 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Friday, August 16th will be issued a $1.44 dividend. This represents a $5.76 annualized dividend and a yield of 3.68%. The ex-dividend date is Thursday, August 15th. 3M’s dividend payout ratio (DPR) is currently 55.07%.

MMM has been the topic of several recent research reports. Gordon Haskett lowered 3M from a “buy” rating to a “hold” rating and set a $191.98 price target on the stock. in a research report on Monday, April 29th. Credit Suisse Group raised their price target on 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. They noted that the move was a valuation call. JPMorgan Chase & Co. reduced their price target on 3M from $143.00 to $140.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 6th. Royal Bank of Canada set a $179.00 price target on 3M and gave the stock a “hold” rating in a research report on Friday, July 26th. Finally, UBS Group reduced their price target on 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $182.54.

About 3M

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

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