Abner Herrman & Brock LLC reduced its position in shares of 3M Co (NYSE:MMM) by 7.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,734 shares of the conglomerate’s stock after selling 488 shares during the period. Abner Herrman & Brock LLC’s holdings in 3M were worth $1,350,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in MMM. Kopp Investment Advisors LLC increased its position in shares of 3M by 0.4% during the second quarter. Kopp Investment Advisors LLC now owns 5,281 shares of the conglomerate’s stock valued at $1,099,000 after acquiring an additional 20 shares during the last quarter. Smith Chas P & Associates PA Cpas increased its position in shares of 3M by 2.0% during the second quarter. Smith Chas P & Associates PA Cpas now owns 1,991 shares of the conglomerate’s stock valued at $414,000 after acquiring an additional 39 shares during the last quarter. Parallel Advisors LLC increased its position in shares of 3M by 1.8% during the second quarter. Parallel Advisors LLC now owns 3,101 shares of the conglomerate’s stock valued at $624,000 after acquiring an additional 55 shares during the last quarter. Capital Advantage Inc. increased its position in shares of 3M by 4.8% during the second quarter. Capital Advantage Inc. now owns 1,816 shares of the conglomerate’s stock valued at $378,000 after acquiring an additional 83 shares during the last quarter. Finally, Sandhill Capital Partners LLC increased its position in shares of 3M by 0.5% during the second quarter. Sandhill Capital Partners LLC now owns 16,851 shares of the conglomerate’s stock valued at $3,508,000 after acquiring an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.
In related news, Chairman Inge G. Thulin sold 6,823 shares of 3M stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $233.14, for a total value of $1,590,714.22. Following the completion of the transaction, the chairman now owns 196,906 shares in the company, valued at $45,906,664.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Ippocratis Vrohidis sold 1,725 shares of 3M stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $230.34, for a total transaction of $397,336.50. Following the completion of the transaction, the chief accounting officer now owns 898 shares of the company’s stock, valued at approximately $206,845.32. The disclosure for this sale can be found here. Insiders sold 22,804 shares of company stock valued at $5,303,706 in the last 90 days. Company insiders own 0.58% of the company’s stock.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. The firm had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.15 earnings per share. equities analysts forecast that 3M Co will post 9.09 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 12th. Investors of record on Friday, November 24th were issued a $0.0118 dividend. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.02%. The ex-dividend date of this dividend was Wednesday, November 22nd. 3M’s dividend payout ratio (DPR) is currently 52.46%.
A number of equities research analysts have weighed in on MMM shares. Bank of America lifted their price target on shares of 3M from $227.00 to $257.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Argus reiterated a “buy” rating on shares of 3M in a research report on Friday, December 22nd. Credit Suisse Group reiterated an “outperform” rating and set a $237.00 price target (up from $229.00) on shares of 3M in a research report on Wednesday, October 11th. Finally, JPMorgan Chase & Co. cut shares of 3M from a “neutral” rating to an “underweight” rating and lifted their price target for the company from $185.00 to $201.00 in a research report on Wednesday, September 20th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company’s stock. 3M presently has an average rating of “Hold” and a consensus price target of $231.59.
ILLEGAL ACTIVITY WARNING: “3M Co (MMM) Position Cut by Abner Herrman & Brock LLC” was first posted by Ticker Report and is the sole property of of Ticker Report. If you are viewing this piece of content on another website, it was illegally copied and reposted in violation of U.S. and international trademark and copyright law. The original version of this piece of content can be viewed at https://www.tickerreport.com/banking-finance/3127136/3m-co-mmm-position-cut-by-abner-herrman-brock-llc.html.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.