J.W. Cole Advisors Inc. Trims Holdings in 3M (NYSE:MMM)

J.W. Cole Advisors Inc. trimmed its position in 3M (NYSE:MMMGet Rating) by 8.0% in the 1st quarter, HoldingsChannel reports. The fund owned 7,768 shares of the conglomerate’s stock after selling 679 shares during the quarter. J.W. Cole Advisors Inc.’s holdings in 3M were worth $1,156,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MMM. Advisor Resource Council purchased a new stake in 3M in the 4th quarter worth approximately $477,000. Financial Advisory Service Inc. boosted its stake in 3M by 5.6% in the 4th quarter. Financial Advisory Service Inc. now owns 1,914 shares of the conglomerate’s stock worth $340,000 after purchasing an additional 101 shares during the period. Level Four Advisory Services LLC boosted its stake in 3M by 22.4% in the 4th quarter. Level Four Advisory Services LLC now owns 8,217 shares of the conglomerate’s stock worth $1,460,000 after purchasing an additional 1,505 shares during the period. Gamco Investors INC. ET AL boosted its stake in 3M by 9.7% in the 4th quarter. Gamco Investors INC. ET AL now owns 7,182 shares of the conglomerate’s stock worth $1,276,000 after purchasing an additional 635 shares during the period. Finally, True North Advisors LLC bought a new position in 3M in the 4th quarter worth approximately $394,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on MMM shares. Wells Fargo & Company dropped their price target on 3M from $144.00 to $125.00 and set an “equal weight” rating for the company in a research note on Thursday, September 8th. Morgan Stanley upped their price target on 3M from $126.00 to $131.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 27th. Jefferies Financial Group dropped their price target on 3M from $161.00 to $145.00 in a research note on Thursday, June 16th. UBS Group upgraded 3M from a “sell” rating to a “neutral” rating and increased their target price for the company from $118.00 to $126.00 in a research report on Friday, September 9th. Finally, Barclays lowered their target price on 3M from $143.00 to $137.00 and set an “underweight” rating for the company in a research report on Wednesday, July 27th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $147.43.

3M Stock Up 0.2 %

Shares of MMM opened at $116.61 on Friday. The company has a market cap of $66.42 billion, a PE ratio of 16.29, a P/E/G ratio of 1.18 and a beta of 0.99. The business has a fifty day moving average of $134.68 and a 200 day moving average of $140.87. 3M has a 52-week low of $114.11 and a 52-week high of $186.30. The company has a quick ratio of 0.90, a current ratio of 1.47 and a debt-to-equity ratio of 1.01.

3M (NYSE:MMMGet Rating) last released its earnings results on Tuesday, July 26th. The conglomerate reported $2.48 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.01. 3M had a return on equity of 39.11% and a net margin of 11.83%. The business had revenue of $8.70 billion for the quarter, compared to analyst estimates of $8.70 billion. During the same quarter last year, the firm posted $2.59 earnings per share. The business’s revenue was down 2.2% compared to the same quarter last year. On average, sell-side analysts expect that 3M will post 10.42 EPS for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Monday, August 22nd were paid a $1.49 dividend. The ex-dividend date of this dividend was Friday, August 19th. This represents a $5.96 dividend on an annualized basis and a yield of 5.11%. 3M’s payout ratio is 83.24%.

Insiders Place Their Bets

In other 3M news, EVP Eric D. Hammes sold 3,145 shares of the stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $147.31, for a total value of $463,289.95. Following the sale, the executive vice president now owns 8,818 shares in the company, valued at $1,298,979.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Michael G. Vale sold 36,771 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $143.26, for a total transaction of $5,267,813.46. Following the transaction, the insider now owns 65,321 shares in the company, valued at $9,357,886.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Eric D. Hammes sold 3,145 shares of the firm’s stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $147.31, for a total value of $463,289.95. Following the transaction, the executive vice president now owns 8,818 shares in the company, valued at approximately $1,298,979.58. The disclosure for this sale can be found here. Insiders have sold a total of 46,121 shares of company stock worth $6,644,865 over the last quarter. Company insiders own 0.34% of the company’s stock.

3M Profile

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3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.

Further Reading

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M (NYSE:MMMGet Rating).

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

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