3M Company (MMM) Shares Sold by Salem Investment Counselors Inc.
Salem Investment Counselors Inc. trimmed its position in 3M Company (NYSE:MMM) by 7.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 98,471 shares of the conglomerate’s stock after selling 8,346 shares during the quarter. 3M makes up 2.4% of Salem Investment Counselors Inc.’s investment portfolio, making the stock its 10th largest position. Salem Investment Counselors Inc.’s holdings in 3M were worth $20,870,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Advisor Partners LLC raised its holdings in shares of 3M by 4.6% in the 3rd quarter. Advisor Partners LLC now owns 17,127 shares of the conglomerate’s stock valued at $3,595,000 after purchasing an additional 747 shares in the last quarter. Ameriprise Financial Inc. grew its position in shares of 3M by 0.3% in the 1st quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock valued at $626,792,000 after buying an additional 8,239 shares during the last quarter. C.V. Starr & Co. Inc. Trust grew its position in shares of 3M by 20.0% in the 1st quarter. C.V. Starr & Co. Inc. Trust now owns 60,000 shares of the conglomerate’s stock valued at $11,480,000 after buying an additional 10,000 shares during the last quarter. Twin Capital Management Inc. purchased a new position in shares of 3M in the 2nd quarter valued at $6,178,000. Finally, Aperio Group LLC grew its position in shares of 3M by 6.8% in the 3rd quarter. Aperio Group LLC now owns 559,122 shares of the conglomerate’s stock valued at $117,360,000 after buying an additional 35,815 shares during the last quarter. Institutional investors and hedge funds own 66.33% of the company’s stock.
A number of research firms recently commented on MMM. Royal Bank of Canada reaffirmed a “hold” rating and issued a $209.00 target price on shares of 3M in a research report on Friday, September 15th. Jefferies Group increased their target price on shares of 3M to $262.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. 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. Stifel Nicolaus increased their target price on shares of 3M from $220.00 to $244.00 and gave the company a “hold” rating in a research report on Wednesday, October 25th. Finally, Morgan Stanley increased their target price on shares of 3M from $190.00 to $201.00 and gave the company an “underweight” rating in a research report on Monday, October 2nd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the stock. 3M has a consensus rating of “Hold” and an average target price of $231.16.
Shares of 3M Company (NYSE:MMM) traded up $2.53 during trading on Thursday, reaching $239.11. 2,707,800 shares of the company’s stock traded hands, compared to its average volume of 1,846,204. 3M Company has a 52 week low of $173.55 and a 52 week high of $244.23. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.07 and a quick ratio of 1.47. The stock has a market cap of $140,908.98, a P/E ratio of 26.43, a P/E/G ratio of 2.57 and a beta of 1.10.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.21 by $0.12. 3M had a net margin of 17.71% and a return on equity of 48.55%. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $7.93 billion. During the same period last year, the firm posted $2.15 EPS. 3M’s revenue for the quarter was up 6.0% on a year-over-year basis. sell-side analysts anticipate that 3M Company will post 9.07 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 12th. Shareholders of record on Friday, November 24th were given a dividend of $0.0118 per share. This represents a $0.05 annualized dividend and a yield of 0.02%. The ex-dividend date of this dividend was Wednesday, November 22nd. 3M’s payout ratio is currently 52.51%.
In other 3M news, CAO Ippocratis Vrohidis sold 1,725 shares of the firm’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $230.34, for a total transaction of $397,336.50. Following the transaction, the chief accounting officer now directly owns 898 shares of the company’s stock, valued at approximately $206,845.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Nicholas C. Gangestad sold 4,004 shares of the firm’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $233.84, for a total transaction of $936,295.36. Following the transaction, the chief financial officer now directly owns 25,805 shares in the company, valued at $6,034,241.20. The disclosure for this sale can be found here. Insiders have sold a total of 22,804 shares of company stock worth $5,303,706 over the last three months. 0.58% of the stock is currently owned by insiders.
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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, , 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.
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