MainStreet Investment Advisors LLC Has $8.44 Million Position in 3M (NYSE:MMM)


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MainStreet Investment Advisors LLC cut its position in 3M (NYSE:MMM) by 5.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,262 shares of the conglomerate’s stock after selling 3,011 shares during the quarter. MainStreet Investment Advisors LLC’s holdings in 3M were worth $8,435,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Summit Asset Management LLC raised its position in shares of 3M by 3.1% in the 4th quarter. Summit Asset Management LLC now owns 4,026 shares of the conglomerate’s stock valued at $704,000 after buying an additional 120 shares in the last quarter. Blair William & Co. IL raised its position in shares of 3M by 8.1% in the 4th quarter. Blair William & Co. IL now owns 251,629 shares of the conglomerate’s stock valued at $43,982,000 after buying an additional 18,791 shares in the last quarter. OmniStar Financial Group Inc. raised its position in shares of 3M by 12.0% in the 4th quarter. OmniStar Financial Group Inc. now owns 4,600 shares of the conglomerate’s stock valued at $804,000 after buying an additional 492 shares in the last quarter. CI Investments Inc. raised its position in shares of 3M by 130.2% in the 4th quarter. CI Investments Inc. now owns 26,705 shares of the conglomerate’s stock valued at $4,668,000 after buying an additional 15,106 shares in the last quarter. Finally, Vectors Research Management LLC grew its holdings in shares of 3M by 10.0% during the 4th quarter. Vectors Research Management LLC now owns 5,364 shares of the conglomerate’s stock valued at $938,000 after purchasing an additional 489 shares during the last quarter. Institutional investors own 64.68% of the company’s stock.

MMM traded down $1.35 during trading on Tuesday, reaching $174.77. 24,440 shares of the company’s stock were exchanged, compared to its average volume of 3,009,451. 3M has a one year low of $114.04 and a one year high of $187.27. The company has a current ratio of 1.90, a quick ratio of 1.37 and a debt-to-equity ratio of 1.54. The stock has a market capitalization of $101.21 billion, a PE ratio of 20.62, a price-to-earnings-growth ratio of 1.85 and a beta of 0.92. The firm has a fifty day moving average price of $173.52 and a two-hundred day moving average price of $169.25.

3M (NYSE:MMM) last posted its quarterly earnings data on Monday, January 25th. The conglomerate reported $2.38 EPS for the quarter, beating the Zacks’ consensus estimate of $2.15 by $0.23. 3M had a net margin of 15.65% and a return on equity of 44.77%. The company had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.39 billion. During the same period in the prior year, the firm posted $2.15 EPS. The company’s quarterly revenue was up 5.8% on a year-over-year basis. Sell-side analysts expect that 3M will post 8.56 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 12th. Stockholders of record on Friday, February 12th will be paid a $1.48 dividend. This is a positive change from 3M’s previous quarterly dividend of $1.47. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend is Thursday, February 11th. 3M’s dividend payout ratio is currently 65.05%.

In other news, EVP Khandpur K. Ashish sold 5,760 shares of the company’s stock in a transaction on Thursday, December 17th. The shares were sold at an average price of $176.44, for a total value of $1,016,294.40. Following the sale, the executive vice president now directly owns 21,719 shares of the company’s stock, valued at approximately $3,832,100.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Michael G. Vale sold 30,875 shares of the company’s stock in a transaction on Friday, January 29th. The shares were sold at an average price of $175.53, for a total transaction of $5,419,488.75. Following the completion of the sale, the executive vice president now directly owns 79,155 shares in the company, valued at $13,894,077.15. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,904 shares of company stock worth $7,514,868. Insiders own 0.42% of the company’s stock.

Several equities research analysts recently issued reports on MMM shares. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $196.00 price target on the stock in a report on Thursday, January 28th. Morgan Stanley lifted their price target on shares of 3M from $176.00 to $188.00 and gave the company an “equal weight” rating in a report on Tuesday, January 12th. William Blair reaffirmed a “market perform” rating on shares of 3M in a report on Tuesday, October 27th. Bank of America lowered shares of 3M from a “neutral” rating to an “underperform” rating and set a $170.00 price target on the stock. in a report on Thursday, January 7th. Finally, JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and set a $205.00 price target on the stock in a report on Wednesday, January 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $180.23.

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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