Saybrook Capital NC Trims Stake in 3M (NYSE:MMM)

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Saybrook Capital NC trimmed its stake in 3M (NYSE:MMM) by 1.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,265 shares of the conglomerate’s stock after selling 415 shares during the period. 3M accounts for approximately 1.6% of Saybrook Capital NC’s holdings, making the stock its 18th largest position. Saybrook Capital NC’s holdings in 3M were worth $4,527,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Evolution Wealth Advisors LLC grew its holdings in 3M by 41.1% in the second quarter. Evolution Wealth Advisors LLC now owns 247 shares of the conglomerate’s stock worth $39,000 after purchasing an additional 72 shares during the last quarter. Blue Square Asset Management LLC acquired a new stake in 3M during the 2nd quarter worth approximately $43,000. Weaver Consulting Group lifted its holdings in 3M by 51.3% during the 2nd quarter. Weaver Consulting Group now owns 292 shares of the conglomerate’s stock worth $46,000 after buying an additional 99 shares in the last quarter. Islay Capital Management LLC lifted its holdings in 3M by 250.0% during the 2nd quarter. Islay Capital Management LLC now owns 350 shares of the conglomerate’s stock worth $55,000 after buying an additional 250 shares in the last quarter. Finally, ARK Investment Management LLC lifted its holdings in 3M by 38.3% during the 3rd quarter. ARK Investment Management LLC now owns 379 shares of the conglomerate’s stock worth $61,000 after buying an additional 105 shares in the last quarter. Hedge funds and other institutional investors own 64.57% of the company’s stock.

MMM has been the topic of a number of research reports. Credit Suisse Group increased their target price on shares of 3M from $179.00 to $197.00 and gave the stock an “outperform” rating in a report on Wednesday, September 16th. Gordon Haskett upgraded shares of 3M from an “underperform” rating to a “hold” rating and set a $170.00 target price for the company in a research note on Wednesday, October 7th. JPMorgan Chase & Co. raised their target price on shares of 3M from $159.00 to $170.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 7th. Royal Bank of Canada raised their target price on shares of 3M from $158.00 to $170.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 29th. Finally, TheStreet upgraded shares of 3M from a “c+” rating to a “b” rating in a research note on Tuesday, October 27th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $167.31.

In other 3M news, SVP Ivan K. Fong sold 15,073 shares of 3M stock in a transaction dated Monday, November 16th. The shares were sold at an average price of $172.62, for a total transaction of $2,601,901.26. Following the completion of the transaction, the senior vice president now owns 47,886 shares in the company, valued at $8,266,081.32. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.42% of the company’s stock.

MMM traded up $1.28 during midday trading on Friday, reaching $172.89. 2,657,064 shares of the company’s stock were exchanged, compared to its average volume of 3,454,840. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.90 and a quick ratio of 1.37. The stock has a market capitalization of $99.73 billion, a PE ratio of 20.27, a P/E/G ratio of 1.97 and a beta of 0.94. The business’s 50-day moving average price is $166.32 and its 200 day moving average price is $159.84. 3M has a 1-year low of $114.04 and a 1-year high of $182.54.

3M (NYSE:MMM) last announced its earnings results on Sunday, November 1st. The conglomerate reported $2.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.17. The company had revenue of $8.35 billion during the quarter, compared to analysts’ expectations of $8.38 billion. 3M had a net margin of 15.65% and a return on equity of 44.77%. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.58 earnings per share. As a group, analysts expect that 3M will post 8.57 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Saturday, December 12th. Shareholders of record on Friday, November 20th will be given a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend is Thursday, November 19th. 3M’s payout ratio is currently 64.62%.

About 3M

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

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

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