Beaton Management Co. Inc. Decreases Holdings in 3M (NYSE:MMM)

Beaton Management Co. Inc. trimmed its stake in shares of 3M (NYSE:MMMGet Rating) by 3.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,992 shares of the conglomerate’s stock after selling 400 shares during the quarter. Beaton Management Co. Inc.’s holdings in 3M were worth $1,636,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. US Asset Management LLC bought a new position in 3M during the 1st quarter worth approximately $34,000. First Quadrant LLC CA bought a new position in 3M during the 1st quarter worth approximately $34,000. Landmark Wealth Management LLC bought a new position in 3M during the 1st quarter worth approximately $25,000. Iron Horse Wealth Management LLC grew its position in 3M by 125.0% during the 1st quarter. Iron Horse Wealth Management LLC now owns 288 shares of the conglomerate’s stock worth $43,000 after acquiring an additional 160 shares during the last quarter. Finally, DeDora Capital Inc. bought a new stake in shares of 3M in the 1st quarter worth approximately $45,000. 64.90% of the stock is currently owned by institutional investors.

3M Stock Down 1.1 %

Shares of NYSE:MMM opened at $119.27 on Friday. The stock has a fifty day simple moving average of $135.81 and a two-hundred day simple moving average of $141.98. The stock has a market capitalization of $67.94 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 1.22 and a beta of 0.99. 3M has a 12-month low of $115.98 and a 12-month high of $188.51. The company has a current ratio of 1.47, a quick ratio of 0.90 and a debt-to-equity ratio of 1.01.

3M (NYSE:MMMGet Rating) last announced its quarterly earnings data on Tuesday, July 26th. The conglomerate reported $2.48 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $8.70 billion. During the same quarter in the previous year, the business earned $2.59 earnings per share. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, research analysts anticipate that 3M will post 10.4 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 12th. Stockholders of record on Monday, August 22nd will be paid a $1.49 dividend. This represents a $5.96 annualized dividend and a dividend yield of 5.00%. The ex-dividend date of this dividend is Friday, August 19th. 3M’s dividend payout ratio is currently 83.24%.

Insider Transactions at 3M

In other news, EVP Eric D. Hammes sold 3,145 shares of the business’s 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 completion of the transaction, the executive vice president now owns 8,818 shares in the company, valued at $1,298,979.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Eric D. Hammes sold 3,145 shares of 3M 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 completion of the sale, the executive vice president now owns 8,818 shares of the company’s stock, valued at $1,298,979.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Theresa E. Reinseth sold 795 shares of 3M stock in a transaction on Monday, August 1st. The stock was sold at an average price of $143.32, for a total value of $113,939.40. Following the completion of the sale, the chief accounting officer now directly owns 1,603 shares of the company’s stock, valued at approximately $229,741.96. The disclosure for this sale can be found here. Insiders sold 46,121 shares of company stock worth $6,644,865 over the last quarter. 0.34% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

MMM has been the topic of a number of recent analyst reports. Bank of America cut their price objective on 3M from $165.00 to $140.00 in a research report on Friday, September 2nd. Morgan Stanley lifted their price objective on 3M from $126.00 to $131.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 27th. Credit Suisse Group lifted their price objective on 3M from $157.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 27th. Mizuho lifted their price objective on 3M from $130.00 to $140.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 27th. Finally, Citigroup lifted their price objective on 3M from $136.00 to $145.00 and gave the stock a “neutral” rating 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 assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $146.86.

About 3M

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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

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

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