PFG Investments LLC Has $1.64 Million Holdings in 3M (NYSE:MMM)

PFG Investments LLC cut its holdings in 3M (NYSE:MMM) by 13.5% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 16,067 shares of the conglomerate’s stock after selling 2,506 shares during the quarter. PFG Investments LLC’s holdings in 3M were worth $1,642,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Gilbert & Cook Inc. acquired a new stake in shares of 3M during the fourth quarter valued at about $481,000. Aveo Capital Partners LLC acquired a new stake in shares of 3M during the fourth quarter valued at about $219,000. Principal Securities Inc. acquired a new stake in shares of 3M during the fourth quarter valued at about $527,000. AGF Management Ltd. boosted its stake in shares of 3M by 33.1% during the fourth quarter. AGF Management Ltd. now owns 6,616 shares of the conglomerate’s stock valued at $723,000 after purchasing an additional 1,644 shares in the last quarter. Finally, AlphaStar Capital Management LLC acquired a new stake in shares of 3M during the fourth quarter valued at about $290,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on MMM shares. Morgan Stanley started coverage on 3M in a research note on Friday. They set an “underweight” rating and a $125.00 price target on the stock. Royal Bank of Canada raised their price objective on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a research report on Thursday, June 13th. Bank of America raised their price objective on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, Wells Fargo & Company raised their price objective on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $124.43.

3M Trading Down 0.1 %

Shares of MMM stock opened at $128.46 on Tuesday. The company has a market cap of $70.57 billion, a P/E ratio of -10.10, a PEG ratio of 2.38 and a beta of 0.95. The stock has a 50 day simple moving average of $119.04 and a two-hundred day simple moving average of $105.43. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $134.99.

3M (NYSE:MMM) last issued its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The business had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period in the previous year, the company posted $2.17 earnings per share. Research analysts forecast that 3M will post 7.2 earnings per share for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be issued a dividend of $0.70 per share. The ex-dividend date is Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.18%. 3M’s dividend payout ratio is -22.01%.

Insider Activity

In other news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was 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 $21,486,484.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on 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 $541,659.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

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.