Financial Gravity Asset Management Inc. Trims Stock Position in 3M (NYSE:MMM)

Financial Gravity Asset Management Inc. cut its stake in 3M (NYSE:MMMGet Rating) by 68.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,385 shares of the conglomerate’s stock after selling 2,966 shares during the period. Financial Gravity Asset Management Inc.’s holdings in 3M were worth $153,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Mutual Advisors LLC increased its position in shares of 3M by 36.0% during the third quarter. Mutual Advisors LLC now owns 14,212 shares of the conglomerate’s stock worth $1,570,000 after purchasing an additional 3,760 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of 3M by 23.2% during the third quarter. CIBC Asset Management Inc now owns 136,389 shares of the conglomerate’s stock worth $15,071,000 after acquiring an additional 25,719 shares during the last quarter. SRS Capital Advisors Inc. raised its position in 3M by 144.3% in the 3rd quarter. SRS Capital Advisors Inc. now owns 1,617 shares of the conglomerate’s stock valued at $179,000 after purchasing an additional 955 shares during the last quarter. Fiera Capital Corp grew its position in 3M by 13.7% during the 3rd quarter. Fiera Capital Corp now owns 4,979 shares of the conglomerate’s stock worth $550,000 after purchasing an additional 600 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC boosted its stake in shares of 3M by 546.1% during the third quarter. Sheaff Brock Investment Advisors LLC now owns 26,954 shares of the conglomerate’s stock worth $2,978,000 after buying an additional 22,782 shares during the period. Institutional investors and hedge funds own 65.61% of the company’s stock.

3M Stock Up 1.6 %

MMM stock opened at $122.62 on Tuesday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.56 and a quick ratio of 0.97. The company’s 50 day simple moving average is $124.89 and its 200-day simple moving average is $126.29. 3M has a 12 month low of $107.07 and a 12 month high of $175.25. The firm has a market capitalization of $67.78 billion, a PE ratio of 10.68, a P/E/G ratio of 1.25 and a beta of 1.00.

3M (NYSE:MMMGet Rating) last announced its earnings results on Tuesday, October 25th. The conglomerate reported $2.69 EPS for the quarter, beating analysts’ consensus estimates of $2.61 by $0.08. 3M had a return on equity of 40.03% and a net margin of 18.91%. The firm had revenue of $8.60 billion for the quarter, compared to analysts’ expectations of $8.70 billion. During the same quarter in the prior year, the firm earned $2.45 EPS. 3M’s quarterly revenue was down 3.8% on a year-over-year basis. Equities analysts expect that 3M will post 10.17 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 12th. Investors of record on Friday, November 18th were paid a dividend of $1.49 per share. This represents a $5.96 dividend on an annualized basis and a dividend yield of 4.86%. The ex-dividend date was Thursday, November 17th. 3M’s payout ratio is currently 51.92%.

Insider Buying and Selling

In other 3M news, EVP Kevin H. Rhodes sold 5,703 shares of the company’s stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $126.40, for a total value of $720,859.20. Following the transaction, the executive vice president now directly owns 2,033 shares in the company, valued at approximately $256,971.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Kevin H. Rhodes sold 5,703 shares of 3M stock in a transaction on Friday, October 28th. The stock was sold at an average price of $126.40, for a total value of $720,859.20. Following the completion of the sale, the executive vice president now owns 2,033 shares of the company’s stock, valued at $256,971.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Rodriguez Beatriz Karin Chavez sold 1,071 shares of the company’s stock in a transaction on Friday, October 28th. The shares were sold at an average price of $126.28, for a total value of $135,245.88. Following the completion of the transaction, the senior vice president now owns 3,313 shares of the company’s stock, valued at $418,365.64. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on MMM shares. Morgan Stanley upped their price objective on shares of 3M from $108.00 to $110.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 26th. Credit Suisse Group decreased their price target on 3M to $127.00 in a research note on Thursday, October 27th. Royal Bank of Canada increased their price objective on 3M from $107.00 to $113.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 26th. Barclays decreased their target price on shares of 3M from $137.00 to $130.00 and set an “underweight” rating on the stock in a research report on Monday, October 3rd. Finally, Mizuho cut their price target on shares of 3M from $140.00 to $130.00 and set a “neutral” rating for the company in a report on Wednesday, October 26th. Three research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. According to data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and an average target price of $133.79.

About 3M

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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, Consumer, and Corporate and Unallocated. 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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