First Republic Investment Management Inc. Has $25.29 Million Holdings in 3M (NYSE:MMM)

First Republic Investment Management Inc. decreased its position in shares of 3M (NYSE:MMMGet Rating) by 14.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 228,852 shares of the conglomerate’s stock after selling 39,452 shares during the quarter. First Republic Investment Management Inc.’s holdings in 3M were worth $25,288,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MMM. Illinois Municipal Retirement Fund raised its holdings in 3M by 16.6% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 96,319 shares of the conglomerate’s stock valued at $10,643,000 after buying an additional 13,692 shares during the last quarter. Mutual Advisors LLC increased its position in 3M by 36.0% during the 3rd quarter. Mutual Advisors LLC now owns 14,212 shares of the conglomerate’s stock valued at $1,570,000 after purchasing an additional 3,760 shares during the period. CIBC Asset Management Inc increased its position in 3M by 23.2% during the 3rd quarter. CIBC Asset Management Inc now owns 136,389 shares of the conglomerate’s stock valued at $15,071,000 after purchasing an additional 25,719 shares during the period. SRS Capital Advisors Inc. increased its position in 3M by 144.3% during 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 period. Finally, Fiera Capital Corp increased its position in 3M by 13.7% during the 3rd quarter. Fiera Capital Corp now owns 4,979 shares of the conglomerate’s stock valued at $550,000 after purchasing an additional 600 shares during the period. Institutional investors own 65.61% of the company’s stock.

Insider Buying and Selling

In other news, EVP Kevin H. Rhodes sold 5,703 shares of the business’s stock in a transaction on Friday, October 28th. The shares were sold at an average price of $126.40, for a total transaction of $720,859.20. Following the completion of the sale, the executive vice president now directly owns 2,033 shares of the company’s stock, valued at $256,971.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other 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 transaction of $720,859.20. Following the transaction, the executive vice president now owns 2,033 shares in the company, valued at $256,971.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Rodriguez Beatriz Karin Chavez sold 1,071 shares of the stock in a transaction that occurred on Friday, October 28th. The stock was sold at an average price of $126.28, for a total transaction of $135,245.88. Following the completion of the transaction, the senior vice president now owns 3,313 shares in the company, valued at approximately $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 Analyst Weigh In

A number of analysts have weighed in on MMM shares. Wells Fargo & Company increased their target price on shares of 3M from $123.00 to $125.00 and gave the company an “equal weight” rating in a research report on Thursday, January 19th. Credit Suisse Group reduced their price target on shares of 3M to $127.00 in a research report on Thursday, October 27th. Citigroup lifted their price target on shares of 3M from $117.00 to $126.00 and gave the company a “neutral” rating in a research report on Friday, December 9th. StockNews.com initiated coverage on shares of 3M in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Morgan Stanley raised their price target on shares of 3M from $108.00 to $110.00 and gave the company an “underweight” rating in a research report on Wednesday, October 26th. Three analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $133.79.

3M Stock Down 6.2 %

Shares of 3M stock opened at $115.00 on Wednesday. The company has a 50-day moving average of $124.56 and a 200 day moving average of $126.19. 3M has a 1 year low of $102.58 and a 1 year high of $175.25. The firm has a market cap of $63.57 billion, a price-to-earnings ratio of 10.02, a PEG ratio of 1.27 and a beta of 1.00. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.56 and a quick ratio of 0.97.

3M (NYSE:MMMGet Rating) last posted its quarterly earnings data on Tuesday, January 24th. The conglomerate reported $2.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.38 by ($0.10). The business had revenue of $8.10 billion during the quarter, compared to analysts’ expectations of $8.09 billion. 3M had a return on equity of 40.03% and a net margin of 18.91%. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period in the previous year, the business posted $2.31 EPS. As a group, sell-side analysts anticipate that 3M will post 10.17 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 12th. Investors of record on Friday, November 18th were given a $1.49 dividend. This represents a $5.96 annualized dividend and a yield of 5.18%. The ex-dividend date of this dividend was Thursday, November 17th. 3M’s dividend payout ratio is presently 51.92%.

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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