Brave Asset Management Inc. Cuts Position in 3M (NYSE:MMM)

Brave Asset Management Inc. reduced its stake in shares of 3M (NYSE:MMMGet Rating) by 12.3% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 9,060 shares of the conglomerate’s stock after selling 1,273 shares during the period. Brave Asset Management Inc.’s holdings in 3M were worth $1,172,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Investment Advisory Services Inc. TX ADV raised its holdings in shares of 3M by 2.7% during the 1st quarter. Investment Advisory Services Inc. TX ADV now owns 2,826 shares of the conglomerate’s stock valued at $421,000 after buying an additional 74 shares during the period. Regent Investment Management LLC increased its holdings in 3M by 1.0% during the 1st quarter. Regent Investment Management LLC now owns 7,396 shares of the conglomerate’s stock worth $1,101,000 after purchasing an additional 75 shares during the last quarter. Bigelow Investment Advisors LLC increased its holdings in 3M by 0.8% during the 1st quarter. Bigelow Investment Advisors LLC now owns 8,907 shares of the conglomerate’s stock worth $1,326,000 after purchasing an additional 75 shares during the last quarter. PDS Planning Inc increased its holdings in 3M by 2.9% during the 1st quarter. PDS Planning Inc now owns 2,846 shares of the conglomerate’s stock worth $424,000 after purchasing an additional 79 shares during the last quarter. Finally, JNBA Financial Advisors increased its holdings in 3M by 1.0% during the 1st quarter. JNBA Financial Advisors now owns 7,739 shares of the conglomerate’s stock worth $1,152,000 after purchasing an additional 80 shares during the last quarter. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at 3M

In other news, insider Michael G. Vale sold 36,771 shares of the business’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $143.26, for a total transaction of $5,267,813.46. Following the sale, the insider now directly owns 65,321 shares of the company’s stock, valued at $9,357,886.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Michael G. Vale sold 36,771 shares of the business’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $143.26, for a total transaction of $5,267,813.46. Following the sale, the insider now directly owns 65,321 shares of the company’s stock, valued at $9,357,886.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Eric D. Hammes sold 3,145 shares of the business’s stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $147.31, for a total value of $463,289.95. Following the sale, the executive vice president now directly owns 8,818 shares in the company, valued at $1,298,979.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,121 shares of company stock valued at $6,644,865. Corporate insiders own 0.34% of the company’s stock.

3M Stock Performance

MMM stock traded down $2.27 during trading on Friday, reaching $111.87. 153,515 shares of the company’s stock were exchanged, compared to its average volume of 21,039,812. The company has a quick ratio of 0.90, a current ratio of 1.47 and a debt-to-equity ratio of 1.01. 3M has a 1-year low of $113.43 and a 1-year high of $186.30. The company’s fifty day moving average price is $133.60 and its 200-day moving average price is $140.01. The firm has a market cap of $63.72 billion, a PE ratio of 15.66, a P/E/G ratio of 1.16 and a beta of 0.99.

3M (NYSE:MMMGet Rating) last posted its quarterly earnings data on Tuesday, July 26th. The conglomerate reported $2.48 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.07. 3M had a return on equity of 39.11% and a net margin of 11.83%. The company had revenue of $8.70 billion for the quarter, compared to the consensus estimate of $8.70 billion. During the same quarter in the previous year, the business earned $2.59 EPS. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, research analysts expect that 3M will post 10.42 EPS for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Monday, August 22nd were paid a $1.49 dividend. This represents a $5.96 dividend on an annualized basis and a dividend yield of 5.33%. The ex-dividend date of this dividend was Friday, August 19th. 3M’s dividend payout ratio is presently 83.24%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MMM. Sanford C. Bernstein restated a “mkt perform” rating and set a $155.00 price objective on shares of 3M in a report on Wednesday, August 17th. Wells Fargo & Company decreased their target price on 3M from $144.00 to $125.00 and set an “equal weight” rating for the company in a research report on Thursday, September 8th. Citigroup lifted their target price on 3M from $136.00 to $145.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 27th. Credit Suisse Group lifted their target price on 3M from $157.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 27th. Finally, Morgan Stanley lifted their target price on 3M from $126.00 to $131.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 27th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $147.43.

About 3M

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3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

See Also

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M (NYSE:MMMGet Rating).

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

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