Cabot Wellington LLC reduced its stake in shares of 3M Company (NYSE:MMM) by 9.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,830 shares of the conglomerate’s stock after selling 200 shares during the period. 3M comprises 0.2% of Cabot Wellington LLC’s investment portfolio, making the stock its 12th biggest position. Cabot Wellington LLC’s holdings in 3M were worth $377,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC grew its position in shares of 3M by 156.0% during the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after acquiring an additional 404 shares during the period. Jackson Grant Investment Advisers Inc. grew its position in shares of 3M by 0.6% during the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after acquiring an additional 4 shares during the period. Ironwood Investment Management LLC bought a new position in shares of 3M during the 2nd quarter valued at approximately $203,000. Princeton Capital Management Inc. bought a new position in shares of 3M during the 2nd quarter valued at approximately $203,000. Finally, CrestPoint Capital Management LLC bought a new position in shares of 3M during the 2nd quarter valued at approximately $208,000. 66.20% of the stock is owned by hedge funds and other institutional investors.

COPYRIGHT VIOLATION WARNING: This piece of content was posted by Daily Political and is owned by of Daily Political. If you are reading this piece of content on another website, it was illegally stolen and republished in violation of United States and international trademark and copyright laws. The legal version of this piece of content can be accessed at https://www.dailypolitical.com/2017/09/25/cabot-wellington-llc-trims-stake-in-3m-company-mmm.html.

A number of research firms have recently weighed in on MMM. Royal Bank Of Canada reissued a “hold” rating and set a $209.00 target price on shares of 3M in a research report on Friday, September 15th. Jefferies Group LLC reissued a “buy” rating and set a $234.00 target price on shares of 3M in a research report on Wednesday, August 16th. J P Morgan Chase & Co downgraded shares of 3M from a “neutral” rating to an “underweight” rating and increased their target price for the company from $185.00 to $201.00 in a research report on Wednesday, September 20th. BidaskClub downgraded shares of 3M from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th. Finally, Bank of America Corporation reaffirmed a “buy” rating and issued a $225.00 price objective (up from $208.00) on shares of 3M in a report on Tuesday, June 6th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $207.35.

Shares of 3M Company (NYSE MMM) opened at 210.76 on Monday. The stock has a market capitalization of $125.77 billion, a PE ratio of 24.04 and a beta of 1.08. 3M Company has a 1-year low of $163.85 and a 1-year high of $214.65. The firm has a 50-day moving average of $206.16 and a 200 day moving average of $201.42.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.59 by ($0.01). The firm had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.08 earnings per share. Analysts predict that 3M Company will post $8.95 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th were given a $1.175 dividend. The ex-dividend date was Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.23%. 3M’s payout ratio is currently 53.59%.

In other 3M news, insider Frank R. Jr. Little sold 2,719 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total value of $560,195.57. Following the completion of the transaction, the insider now directly owns 9,010 shares in the company, valued at $1,856,330.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul A. Keel sold 4,965 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the completion of the transaction, the insider now owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,112 shares of company stock valued at $1,878,890. Company insiders own 0.58% of the company’s stock.

About 3M

3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.

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

Receive News & Ratings for 3M Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M Company and related companies with MarketBeat.com's FREE daily email newsletter.