Sage Capital Advisors llc Has $3.09 Million Stake in 3M (NYSE:MMM)

Sage Capital Advisors llc reduced its position in shares of 3M (NYSE:MMM) by 58.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 30,836 shares of the conglomerate’s stock after selling 43,612 shares during the period. Sage Capital Advisors llc’s holdings in 3M were worth $3,086,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its position in 3M by 9.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 13,132,871 shares of the conglomerate’s stock valued at $1,567,502,000 after buying an additional 1,116,821 shares during the period. Geode Capital Management LLC raised its holdings in shares of 3M by 5.7% during the 1st quarter. Geode Capital Management LLC now owns 11,474,791 shares of the conglomerate’s stock valued at $1,203,635,000 after purchasing an additional 619,370 shares in the last quarter. Morgan Stanley lifted its stake in shares of 3M by 8.3% in the 4th quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock valued at $1,291,535,000 after purchasing an additional 825,223 shares during the last quarter. Flossbach Von Storch AG boosted its holdings in 3M by 5.3% in the first quarter. Flossbach Von Storch AG now owns 9,344,091 shares of the conglomerate’s stock worth $982,157,000 after purchasing an additional 466,291 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in 3M by 0.6% during the first quarter. Northern Trust Corp now owns 7,413,149 shares of the conglomerate’s stock valued at $1,103,670,000 after buying an additional 44,714 shares in the last quarter. Hedge funds and other institutional investors own 65.24% of the company’s stock.

3M Stock Performance

MMM traded down $0.57 during trading on Tuesday, hitting $100.47. The company’s stock had a trading volume of 474,792 shares, compared to its average volume of 3,605,842. The firm’s 50 day moving average price is $104.39 and its two-hundred day moving average price is $102.92. The company has a current ratio of 1.44, a quick ratio of 0.96 and a debt-to-equity ratio of 1.65. 3M has a 12 month low of $92.38 and a 12 month high of $133.91.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.17 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.44. 3M had a negative net margin of 4.43% and a positive return on equity of 38.99%. The firm had revenue of $7.99 billion for the quarter, compared to analyst estimates of $7.88 billion. During the same quarter in the prior year, the firm earned $2.48 EPS. The company’s revenue was down 8.1% on a year-over-year basis. Sell-side analysts predict that 3M will post 8.95 EPS for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Monday, August 21st were issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 5.97%. The ex-dividend date was Friday, August 18th. 3M’s dividend payout ratio is -211.27%.

Analyst Ratings Changes

A number of research analysts have recently commented on MMM shares. UBS Group increased their price objective on 3M from $95.00 to $115.00 in a report on Tuesday, July 25th. Citigroup upped their price target on shares of 3M from $100.00 to $111.00 in a report on Wednesday, July 26th. Wolfe Research raised 3M from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, August 29th. Royal Bank of Canada upped their price target on 3M from $95.00 to $100.00 in a report on Wednesday, July 26th. Finally, VNET Group restated a “maintains” rating on shares of 3M in a research note on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $113.08.

3M Profile

3M Company provides diversified technology services in the United States and internationally. The company 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.