Seeyond Sells 176 Shares of 3M (NYSE:MMM)

Seeyond cut its position in shares of 3M (NYSE:MMM) by 1.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,706 shares of the conglomerate’s stock after selling 176 shares during the period. Seeyond’s holdings in 3M were worth $2,126,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of 3M by 0.6% in the second quarter. Vanguard Group Inc. now owns 46,132,978 shares of the conglomerate’s stock worth $9,163,394,000 after buying an additional 283,222 shares during the period. BlackRock Inc. boosted its position in 3M by 0.7% during the 2nd quarter. BlackRock Inc. now owns 39,891,035 shares of the conglomerate’s stock valued at $7,923,555,000 after acquiring an additional 265,185 shares in the last quarter. Geode Capital Management LLC boosted its position in 3M by 4.7% during the 2nd quarter. Geode Capital Management LLC now owns 10,307,164 shares of the conglomerate’s stock valued at $2,042,349,000 after acquiring an additional 463,290 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in 3M by 1.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,800,046 shares of the conglomerate’s stock valued at $1,502,913,000 after acquiring an additional 73,832 shares in the last quarter. Finally, FMR LLC boosted its position in shares of 3M by 5.5% in the 2nd quarter. FMR LLC now owns 5,641,366 shares of the conglomerate’s stock worth $1,120,545,000 after purchasing an additional 292,767 shares in the last quarter. Institutional investors and hedge funds own 66.82% of the company’s stock.

In other news, insider Eric D. Hammes sold 1,765 shares of 3M stock in a transaction that occurred on Tuesday, August 3rd. The shares were sold at an average price of $201.83, for a total transaction of $356,229.95. Following the sale, the insider now owns 6,756 shares of the company’s stock, valued at approximately $1,363,563.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Khandpur K. Ashish sold 6,505 shares of the business’s stock in a transaction that occurred on Monday, August 9th. The shares were sold at an average price of $196.86, for a total value of $1,280,574.30. Following the completion of the sale, the insider now directly owns 26,855 shares in the company, valued at approximately $5,286,675.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,666 shares of company stock worth $4,103,569. Insiders own 0.34% of the company’s stock.

Shares of 3M stock traded up $1.41 on Thursday, hitting $178.58. 9,142 shares of the company were exchanged, compared to its average volume of 2,472,032. The stock has a market capitalization of $103.33 billion, a price-to-earnings ratio of 17.54, a price-to-earnings-growth ratio of 1.92 and a beta of 0.96. The company has a 50-day moving average price of $187.96 and a 200 day moving average price of $195.40. 3M has a 1-year low of $156.13 and a 1-year high of $208.95. The company has a quick ratio of 1.22, a current ratio of 1.73 and a debt-to-equity ratio of 1.12.

3M (NYSE:MMM) last issued its earnings results on Monday, July 26th. The conglomerate reported $2.59 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.28 by $0.31. The business had revenue of $8.90 billion for the quarter, compared to analysts’ expectations of $8.59 billion. 3M had a return on equity of 44.72% and a net margin of 17.13%. The business’s revenue for the quarter was up 24.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.78 EPS. Research analysts forecast that 3M will post 10.11 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Sunday, September 12th. Stockholders of record on Monday, August 23rd were issued a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend was Friday, August 20th. 3M’s dividend payout ratio is currently 67.73%.

MMM has been the subject of a number of research analyst reports. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $208.00 target price for the company in a research note on Friday, August 6th. Wolfe Research lowered 3M from a “peer perform” rating to an “underperform” rating and reduced their target price for the stock from $218.00 to $215.00 in a research note on Monday, July 12th. Credit Suisse Group lowered 3M from an “outperform” rating to a “neutral” rating and lifted their price objective for the company from $210.00 to $212.00 in a research note on Tuesday, July 6th. JPMorgan Chase & Co. lowered 3M from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $215.00 to $210.00 in a research note on Monday, October 4th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on 3M from $196.00 to $201.00 and gave the company a “hold” rating in a research note on Wednesday, July 28th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, 3M has an average rating of “Hold” and an average target price of $196.54.

3M Profile

3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

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

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