Bedel Financial Consulting Inc. reduced its holdings in 3M Co (NYSE:MMM) by 19.2% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 2,808 shares of the conglomerate’s stock after selling 667 shares during the period. Bedel Financial Consulting Inc.’s holdings in 3M were worth $383,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. State Street Corp increased its position in 3M by 0.3% in the 4th quarter. State Street Corp now owns 42,314,221 shares of the conglomerate’s stock worth $7,465,075,000 after buying an additional 134,874 shares during the period. Geode Capital Management LLC increased its position in 3M by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 9,384,626 shares of the conglomerate’s stock worth $1,653,020,000 after buying an additional 282,176 shares during the period. Bank of New York Mellon Corp increased its position in 3M by 3.7% in the 1st quarter. Bank of New York Mellon Corp now owns 6,236,316 shares of the conglomerate’s stock worth $851,319,000 after buying an additional 221,353 shares during the period. Norges Bank bought a new position in 3M in the 4th quarter worth approximately $877,754,000. Finally, Charles Schwab Investment Management Inc. increased its position in 3M by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,665,954 shares of the conglomerate’s stock worth $823,168,000 after buying an additional 108,982 shares during the period. 67.67% of the stock is currently owned by institutional investors.
NYSE:MMM traded down $0.45 during trading hours on Friday, reaching $145.36. The company had a trading volume of 983,396 shares, compared to its average volume of 4,019,081. The stock has a 50-day moving average of $144.97 and a two-hundred day moving average of $159.07. 3M Co has a one year low of $114.04 and a one year high of $187.72. The firm has a market capitalization of $86.10 billion, a PE ratio of 17.11, a PEG ratio of 1.99 and a beta of 0.99. The company has a quick ratio of 1.19, a current ratio of 1.65 and a debt-to-equity ratio of 1.94.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 22nd will be paid a $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date is Thursday, May 21st. 3M’s dividend payout ratio is currently 64.62%.
MMM has been the topic of several recent analyst reports. Royal Bank of Canada lifted their price target on 3M from $143.00 to $148.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 29th. Deutsche Bank boosted their price objective on 3M from $158.00 to $163.00 and gave the company a “hold” rating in a research report on Wednesday, April 29th. Morgan Stanley boosted their price objective on 3M from $131.00 to $160.00 and gave the company an “equal weight” rating in a research report on Friday, May 1st. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $133.00 price objective on the stock in a research report on Thursday, April 30th. Finally, Bank of America boosted their price objective on 3M from $165.00 to $170.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $161.85.
In other 3M news, SVP Ty R. Silberhorn sold 14,623 shares of the business’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $146.46, for a total value of $2,141,684.58. Following the transaction, the senior vice president now owns 16,571 shares of the company’s stock, valued at $2,426,988.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael F. Roman sold 7,894 shares of the business’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $148.70, for a total value of $1,173,837.80. Following the completion of the transaction, the chief executive officer now directly owns 57,868 shares in the company, valued at approximately $8,604,971.60. The disclosure for this sale can be found here. In the last three months, insiders sold 40,184 shares of company stock worth $5,930,874. Insiders own 0.42% of the company’s stock.
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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