Parsons Capital Management Inc. RI lifted its holdings in shares of 3M Co (NYSE:MMM) by 1.5% in the second quarter, HoldingsChannel.com reports. The firm owned 362,267 shares of the conglomerate’s stock after acquiring an additional 5,489 shares during the quarter. 3M accounts for about 6.8% of Parsons Capital Management Inc. RI’s investment portfolio, making the stock its 2nd largest holding. Parsons Capital Management Inc. RI’s holdings in 3M were worth $62,795,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA boosted its stake in shares of 3M by 2.1% in the 1st quarter. Lederer & Associates Investment Counsel CA now owns 2,410 shares of the conglomerate’s stock valued at $501,000 after buying an additional 50 shares during the period. Shine Investment Advisory Services Inc. boosted its stake in shares of 3M by 35.2% in the 1st quarter. Shine Investment Advisory Services Inc. now owns 192 shares of the conglomerate’s stock valued at $40,000 after buying an additional 50 shares during the period. Peoples Financial Services CORP. boosted its stake in shares of 3M by 0.3% in the 1st quarter. Peoples Financial Services CORP. now owns 16,027 shares of the conglomerate’s stock valued at $3,330,000 after buying an additional 50 shares during the period. Bfsg LLC boosted its stake in shares of 3M by 0.4% in the 1st quarter. Bfsg LLC now owns 14,084 shares of the conglomerate’s stock valued at $2,926,000 after buying an additional 55 shares during the period. Finally, Nwam LLC boosted its stake in shares of 3M by 1.0% in the 1st quarter. Nwam LLC now owns 5,853 shares of the conglomerate’s stock valued at $1,216,000 after buying an additional 57 shares during the period. Institutional investors and hedge funds own 67.55% of the company’s stock.

Several brokerages have recently issued reports on MMM. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $183.00 price objective for the company in a research note on Monday, July 29th. Argus cut 3M from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Morgan Stanley raised their target price on 3M from $172.00 to $177.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Bank of America cut their target price on 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Finally, JPMorgan Chase & Co. cut their target price on 3M from $143.00 to $140.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 6th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $182.54.

In other 3M news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the transaction, the insider now owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director David B. Dillon purchased 1,200 shares of the business’s stock in a transaction on Friday, May 17th. The shares were purchased at an average cost of $169.50 per share, for a total transaction of $203,400.00. Following the transaction, the director now owns 1,200 shares of the company’s stock, valued at $203,400. The disclosure for this purchase can be found here. Insiders own 0.83% of the company’s stock.

Shares of NYSE MMM traded down $1.63 during midday trading on Thursday, hitting $157.18. 1,814,291 shares of the company’s stock were exchanged, compared to its average volume of 3,092,303. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. 3M Co has a twelve month low of $158.04 and a twelve month high of $219.75. The company has a market cap of $93.26 billion, a P/E ratio of 15.03, a PEG ratio of 1.72 and a beta of 1.09. The firm has a fifty day simple moving average of $171.17.

3M (NYSE:MMM) last issued its earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same quarter last year, the company earned $2.59 EPS. The business’s quarterly revenue was down 2.6% on a year-over-year basis. On average, analysts anticipate that 3M Co will post 9.29 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Friday, August 16th will be given a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a yield of 3.66%. The ex-dividend date is Thursday, August 15th. 3M’s dividend payout ratio (DPR) is 55.07%.

About 3M

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

See Also: Equity Income

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

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