Seeyond Cuts Stock Holdings in 3M (NYSE:MMM)

Seeyond reduced its position in shares of 3M (NYSE:MMM) by 1.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,706 shares of the conglomerate’s stock after selling 176 shares during the period. Seeyond’s holdings in 3M were worth $2,126,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Anfield Capital Management LLC purchased a new position in 3M during the second quarter worth about $37,000. Newton One Investments LLC purchased a new position in 3M in the second quarter valued at about $37,000. Lake Point Wealth Management purchased a new position in 3M in the second quarter valued at about $38,000. Smith Asset Management Group LP acquired a new stake in shares of 3M in the second quarter valued at approximately $40,000. Finally, tru Independence LLC acquired a new stake in shares of 3M in the second quarter valued at approximately $46,000. 66.82% of the stock is owned by hedge funds and other institutional investors.

In related news, EVP John Patrick Banovetz sold 3,236 shares of the company’s stock in a transaction on Tuesday, August 10th. The shares were sold at an average price of $197.93, for a total transaction of $640,501.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Khandpur K. Ashish sold 6,505 shares of the company’s stock in a transaction on Monday, August 9th. The stock was sold at an average price of $196.86, for a total transaction of $1,280,574.30. Following the sale, the insider now directly owns 26,855 shares of the company’s stock, valued at $5,286,675.30. The disclosure for this sale can be found here. Insiders have sold 20,666 shares of company stock worth $4,103,569 in the last 90 days. 0.34% of the stock is owned by company insiders.

MMM has been the topic of a number of analyst reports. Langenberg & Company upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Monday. Wells Fargo & Company initiated coverage on shares of 3M in a research note on Thursday, October 7th. They issued an “equal weight” rating and a $179.00 target price on the stock. JPMorgan Chase & Co. downgraded shares of 3M from an “overweight” rating to a “neutral” rating and cut their target price for the company from $215.00 to $210.00 in a research note on Monday, October 4th. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $208.00 target price on the stock in a research note on Friday, August 6th. Finally, Barclays cut their target price on shares of 3M from $185.00 to $182.00 and set an “underweight” rating on the stock in a research note on Monday, October 4th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, 3M currently has an average rating of “Hold” and a consensus target price of $196.54.

Shares of MMM stock traded up $1.41 during trading hours on Thursday, reaching $178.58. 9,142 shares of the stock traded hands, compared to its average volume of 2,472,032. 3M has a 1-year low of $156.13 and a 1-year high of $208.95. The business has a fifty day moving average price of $187.96 and a 200 day moving average price of $195.40. The company has a quick ratio of 1.22, a current ratio of 1.73 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $103.33 billion, a PE ratio of 17.54, a PEG ratio of 1.92 and a beta of 0.96.

3M (NYSE:MMM) last released its quarterly earnings results on Monday, July 26th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.28 by $0.31. 3M had a net margin of 17.13% and a return on equity of 44.72%. The business had revenue of $8.90 billion for the quarter, compared to analyst estimates of $8.59 billion. During the same quarter in the previous year, the business earned $1.78 earnings per share. The firm’s revenue was up 24.0% compared to the same quarter last year. Research analysts expect that 3M will post 10.11 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Sunday, September 12th. Stockholders of record on Monday, August 23rd were issued a dividend of $1.48 per share. The ex-dividend date of this dividend was Friday, August 20th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.32%. 3M’s dividend payout ratio is currently 67.73%.

About 3M

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, and Consumer. 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.

Further Reading: Average Daily Trade Volume Explained

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

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