Abner Herrman & Brock LLC Boosts Stake in 3M Co (NYSE:MMM)

Abner Herrman & Brock LLC grew its position in shares of 3M Co (NYSE:MMM) by 6.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 3,465 shares of the conglomerate’s stock after acquiring an additional 220 shares during the period. Abner Herrman & Brock LLC’s holdings in 3M were worth $473,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Ilmarinen Mutual Pension Insurance Co acquired a new stake in shares of 3M in the third quarter valued at about $11,477,000. UMA Financial Services Inc. acquired a new stake in 3M during the third quarter worth approximately $1,359,000. Voya Financial Advisors Inc. grew its stake in 3M by 2.2% during the third quarter. Voya Financial Advisors Inc. now owns 21,228 shares of the conglomerate’s stock worth $3,492,000 after purchasing an additional 451 shares during the period. Redpoint Investment Management Pty Ltd grew its stake in 3M by 3.7% during the third quarter. Redpoint Investment Management Pty Ltd now owns 35,389 shares of the conglomerate’s stock worth $5,818,000 after purchasing an additional 1,273 shares during the period. Finally, Shepherd Financial Partners LLC acquired a new stake in 3M during the third quarter worth approximately $207,000. Hedge funds and other institutional investors own 68.19% of the company’s stock.

Several research firms recently commented on MMM. UBS Group cut 3M from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $180.00 to $160.00 in a research note on Thursday, December 12th. Wolfe Research raised 3M from an “underperform” rating to a “peer perform” rating in a research note on Thursday, January 9th. JPMorgan Chase & Co. upgraded 3M from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $143.00 to $150.00 in a report on Monday, December 23rd. Citigroup cut their price target on 3M from $170.00 to $146.00 and set a “neutral” rating on the stock in a report on Wednesday, April 1st. Finally, Morgan Stanley cut their price target on 3M from $175.00 to $156.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 17th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. 3M currently has an average rating of “Hold” and a consensus price target of $165.92.

In other news, SVP Ty R. Silberhorn sold 1,967 shares of 3M stock in a transaction on Friday, February 21st. The stock was sold at an average price of $158.19, for a total value of $311,159.73. Following the completion of the transaction, the senior vice president now directly owns 3,849 shares in the company, valued at $608,873.31. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Michael G. Vale sold 6,250 shares of 3M stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $159.17, for a total value of $994,812.50. Following the completion of the transaction, the executive vice president now owns 53,804 shares of the company’s stock, valued at $8,563,982.68. The disclosure for this sale can be found here. Insiders sold 17,123 shares of company stock valued at $2,748,744 over the last three months. Company insiders own 0.42% of the company’s stock.

NYSE:MMM traded down $1.21 during trading hours on Thursday, reaching $147.78. The stock had a trading volume of 4,783,562 shares, compared to its average volume of 6,114,407. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.96 and a current ratio of 1.41. The stock has a 50 day simple moving average of $143.08 and a 200 day simple moving average of $162.38. 3M Co has a 12-month low of $114.04 and a 12-month high of $219.75. The stock has a market cap of $83.15 billion, a P/E ratio of 18.92, a price-to-earnings-growth ratio of 1.80 and a beta of 1.00.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 28th. The conglomerate reported $1.95 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.10 by ($0.15). 3M had a return on equity of 51.39% and a net margin of 14.22%. The firm had revenue of $8.11 billion during the quarter, compared to analysts’ expectations of $8.12 billion. During the same period in the prior year, the business earned $2.31 earnings per share. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, equities analysts expect that 3M Co will post 8.44 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, March 12th. Shareholders of record on Friday, February 14th were given a $1.47 dividend. This is an increase from 3M’s previous quarterly dividend of $1.44. This represents a $5.88 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend was Thursday, February 13th. 3M’s dividend payout ratio (DPR) is currently 64.62%.

3M Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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

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