Allegis Investment Advisors LLC lowered its stake in shares of 3M Co. (NYSE:MMM) by 11.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,386 shares of the company’s stock after selling 439 shares during the period. Allegis Investment Advisors LLC’s holdings in 3M were worth $581,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of MMM. Reilly Financial Advisors LLC raised its position in 3M by 38.1% in the second quarter. Reilly Financial Advisors LLC now owns 645 shares of the company’s stock valued at $113,000 after buying an additional 178 shares during the period. CenturyLink Investment Management Co bought a new position in 3M during the second quarter valued at $116,000. Jackson Grant Investment Advisers Inc. raised its position in 3M by 7.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 706 shares of the company’s stock valued at $124,000 after buying an additional 49 shares during the period. Parasol Investment Management LLC raised its position in 3M by 12.6% in the second quarter. Parasol Investment Management LLC now owns 896 shares of the company’s stock valued at $157,000 after buying an additional 100 shares during the period. Finally, Pointe Capital Management LLC bought a new position in 3M during the second quarter valued at $201,000. Institutional investors own 65.67% of the company’s stock.
3M Co. (NYSE:MMM) traded down 0.40% on Friday, reaching $170.96. 695,822 shares of the company traded hands. 3M Co. has a one year low of $134.64 and a one year high of $182.27. The company has a market capitalization of $103.33 billion, a PE ratio of 21.82 and a beta of 0.99. The stock’s 50 day moving average price is $177.64 and its 200 day moving average price is $173.10.
3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.07 by $0.01. The business earned $7.70 billion during the quarter, compared to analysts’ expectations of $7.73 billion. 3M had a net margin of 16.29% and a return on equity of 41.84%. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.02 EPS. On average, equities research analysts predict that 3M Co. will post $8.21 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were issued a $1.11 dividend. The ex-dividend date was Wednesday, August 17th. This represents a $4.44 annualized dividend and a yield of 2.59%. 3M’s dividend payout ratio (DPR) is presently 56.63%.
Several equities analysts have weighed in on the company. Jefferies Group restated a “buy” rating on shares of 3M in a report on Wednesday, July 6th. Morgan Stanley reiterated a “sell” rating on shares of 3M in a research note on Friday, June 10th. Credit Suisse Group AG reiterated a “buy” rating and issued a $195.00 price objective on shares of 3M in a research note on Friday, September 16th. Sanford C. Bernstein reiterated a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Finally, Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. 3M presently has a consensus rating of “Hold” and a consensus price target of $167.11.
In other 3M news, insider Paul A. Keel sold 3,180 shares of the company’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $178.39, for a total value of $567,280.20. Following the completion of the transaction, the insider now directly owns 9,961 shares in the company, valued at approximately $1,776,942.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Khandpur K. Ashish sold 1,679 shares of the company’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $178.39, for a total transaction of $299,516.81. Following the completion of the transaction, the vice president now owns 1,011 shares of the company’s stock, valued at $180,352.29. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by company insiders.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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