Eagle Ridge Investment Management Cuts Stock Holdings in 3M (NYSE:MMM)

Eagle Ridge Investment Management reduced its stake in shares of 3M (NYSE:MMM) by 3.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,434 shares of the conglomerate’s stock after selling 360 shares during the quarter. Eagle Ridge Investment Management’s holdings in 3M were worth $1,290,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of MMM. McClarren Financial Advisors Inc. grew its holdings in shares of 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 121 shares during the last quarter. Tributary Capital Management LLC purchased a new position in shares of 3M in the first quarter valued at about $25,000. MFA Wealth Advisors LLC purchased a new stake in shares of 3M during the second quarter worth about $28,000. Meeder Asset Management Inc. grew its stake in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC bought a new position in 3M during the 2nd quarter valued at approximately $33,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Down 1.1 %

3M stock opened at $126.44 on Friday. 3M has a 12 month low of $72.47 and a 12 month high of $141.34. The stock has a fifty day simple moving average of $133.07 and a two-hundred day simple moving average of $113.57. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The firm has a market cap of $69.97 billion, a price-to-earnings ratio of -9.94, a PEG ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. 3M’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same period last year, the company earned $2.68 EPS. Equities analysts predict that 3M will post 7.24 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Insider Buying and Selling at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of recent analyst reports. Barclays upped their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday. Bank of America boosted their price target on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday. Citigroup raised their price objective on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Royal Bank of Canada upped their target price on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday. Finally, Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, July 30th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $135.67.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company’s 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.