Klingenstein Fields & Co. LP Has $12.39 Million Stock Holdings in 3M (NYSE:MMM)

Klingenstein Fields & Co. LP reduced its holdings in 3M (NYSE:MMM) by 0.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 121,226 shares of the conglomerate’s stock after selling 213 shares during the quarter. Klingenstein Fields & Co. LP’s holdings in 3M were worth $12,388,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Tributary Capital Management LLC acquired a new position in shares of 3M in the first quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. lifted its position in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the period. MFA Wealth Advisors LLC bought a new stake in shares of 3M in the 2nd quarter valued at $28,000. Northwest Investment Counselors LLC acquired a new stake in shares of 3M during the first quarter worth $32,000. Finally, TruNorth Capital Management LLC bought a new position in 3M during the second quarter worth $33,000. Institutional investors own 65.25% of the company’s stock.

3M Stock Up 1.3 %

Shares of MMM stock traded up $1.78 during trading hours on Monday, reaching $134.69. The company had a trading volume of 6,092,800 shares, compared to its average volume of 5,224,749. The business has a fifty day simple moving average of $115.56 and a 200-day simple moving average of $103.78. 3M has a 12 month low of $71.12 and a 12 month high of $134.99. The company has a market cap of $74.53 billion, a price-to-earnings ratio of -10.59, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The company had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the prior year, the company posted $2.17 earnings per share. On average, research analysts expect that 3M will post 7.2 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s payout ratio is -22.01%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MMM shares. Barclays increased their price target on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Wells Fargo & Company lifted their target price on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. HSBC upgraded 3M from a “hold” rating to a “buy” rating and increased their price target for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Royal Bank of Canada boosted their target price on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research report on Monday, July 29th. Finally, Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $92.00 to $140.00 in a report on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $124.38.

Insider Activity at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

3M Profile

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