Fmr LLC Cuts Holdings in 3M Co (MMM)

Fmr LLC lessened its holdings in shares of 3M Co (NYSE:MMM) by 13.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,693,167 shares of the conglomerate’s stock after selling 715,043 shares during the quarter. Fmr LLC owned about 0.81% of 3M worth $988,898,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Price Capital Management Inc. bought a new position in 3M during the third quarter worth about $126,000. Psagot Investment House Ltd. purchased a new stake in shares of 3M in the third quarter worth about $131,000. SRS Capital Advisors Inc. lifted its holdings in shares of 3M by 1,652.8% in the second quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock worth $124,000 after buying an additional 595 shares in the last quarter. Braun Bostich & Associates Inc. lifted its holdings in shares of 3M by 221.7% in the second quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock worth $137,000 after buying an additional 481 shares in the last quarter. Finally, Avestar Capital LLC lifted its holdings in shares of 3M by 161.2% in the second quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock worth $130,000 after buying an additional 432 shares in the last quarter. Hedge funds and other institutional investors own 66.23% of the company’s stock.

MMM has been the topic of a number of recent analyst reports. Credit Suisse Group initiated coverage on shares of 3M in a report on Friday, October 12th. They issued an “outperform” rating and a $228.00 price target on the stock. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Monday, October 29th. Barclays lowered their price target on shares of 3M from $201.00 to $195.00 and set an “underweight” rating on the stock in a report on Wednesday, October 24th. Citigroup lowered their price target on shares of 3M from $251.00 to $228.00 and set a “buy” rating on the stock in a report on Wednesday, October 24th. Finally, Morgan Stanley initiated coverage on shares of 3M in a report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price target on the stock. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $225.16.

In related news, insider Eric D. Hammes sold 1,272 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total value of $274,752.00. Following the sale, the insider now directly owns 5,634 shares of the company’s stock, valued at $1,216,944. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory R. Page bought 1,000 shares of the stock in a transaction that occurred on Friday, October 26th. The stock was bought at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the purchase, the director now directly owns 1,500 shares of the company’s stock, valued at $276,750. The disclosure for this purchase can be found here. Company insiders own 0.58% of the company’s stock.

Shares of MMM opened at $207.92 on Friday. The company has a market capitalization of $119.11 billion, a P/E ratio of 22.67, a P/E/G ratio of 2.02 and a beta of 1.18. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31. 3M Co has a 1-year low of $181.98 and a 1-year high of $259.77.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). The company had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $8.41 billion. 3M had a net margin of 13.79% and a return on equity of 54.60%. The company’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.33 earnings per share. On average, analysts anticipate that 3M Co will post 9.95 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Friday, November 23rd will be paid a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date is Wednesday, November 21st. 3M’s dividend payout ratio is currently 59.32%.

3M declared that its board has approved a stock repurchase program on Tuesday, November 13th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the conglomerate to purchase up to 8.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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3M Profile

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

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

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