Acropolis Investment Management LLC Has $1.42 Million Holdings in 3M (NYSE:MMM)

Acropolis Investment Management LLC decreased its position in 3M (NYSE:MMMGet Rating) by 7.5% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 10,974 shares of the conglomerate’s stock after selling 886 shares during the period. Acropolis Investment Management LLC’s holdings in 3M were worth $1,420,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of MMM. Norges Bank bought a new stake in 3M in the 4th quarter worth about $596,325,000. State Street Corp lifted its stake in shares of 3M by 5.2% during the 1st quarter. State Street Corp now owns 32,590,721 shares of the conglomerate’s stock valued at $4,852,107,000 after buying an additional 1,610,785 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of 3M by 1,889.1% during the 1st quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock valued at $201,971,000 after buying an additional 1,288,400 shares in the last quarter. BlackRock Inc. lifted its stake in shares of 3M by 2.8% during the 1st quarter. BlackRock Inc. now owns 42,996,030 shares of the conglomerate’s stock valued at $6,401,249,000 after buying an additional 1,185,844 shares in the last quarter. Finally, Verity Asset Management Inc. lifted its stake in 3M by 18,711.0% in the 1st quarter. Verity Asset Management Inc. now owns 854,962 shares of the conglomerate’s stock worth $666,000 after purchasing an additional 850,417 shares in the last quarter. Institutional investors and hedge funds own 64.90% of the company’s stock.

3M Stock Performance

NYSE:MMM traded down $0.63 during midday trading on Friday, hitting $113.51. The company’s stock had a trading volume of 28,374 shares, compared to its average volume of 21,039,812. 3M has a fifty-two week low of $113.43 and a fifty-two week high of $186.30. The firm’s 50 day moving average is $133.60 and its 200-day moving average is $140.01. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.47 and a quick ratio of 0.90. The firm has a market cap of $64.66 billion, a P/E ratio of 15.94, a P/E/G ratio of 1.16 and a beta of 0.99.

3M (NYSE:MMMGet Rating) last issued its quarterly earnings data on Tuesday, July 26th. The conglomerate reported $2.48 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.07. The business had revenue of $8.70 billion for the quarter, compared to analysts’ expectations of $8.70 billion. 3M had a net margin of 11.83% and a return on equity of 39.11%. The business’s revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the company earned $2.59 EPS. Equities analysts anticipate that 3M will post 10.42 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Monday, August 22nd were paid a dividend of $1.49 per share. The ex-dividend date was Friday, August 19th. This represents a $5.96 dividend on an annualized basis and a dividend yield of 5.25%. 3M’s payout ratio is 83.24%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MMM. Deutsche Bank Aktiengesellschaft decreased their price target on shares of 3M from $155.00 to $127.00 and set a “hold” rating on the stock in a report on Friday, September 9th. Morgan Stanley raised their price objective on shares of 3M from $126.00 to $131.00 and gave the company an “underweight” rating in a research note on Wednesday, July 27th. Mizuho lifted their price target on shares of 3M from $130.00 to $140.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 27th. Wells Fargo & Company cut their target price on shares of 3M from $144.00 to $125.00 and set an “equal weight” rating for the company in a research report on Thursday, September 8th. Finally, TheStreet lowered shares of 3M from a “b-” rating to a “c+” rating in a research report on Wednesday, June 29th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $147.43.

Insider Activity at 3M

In other 3M news, EVP Zoe L. Dickson sold 2,265 shares of the firm’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $144.40, for a total value of $327,066.00. Following the transaction, the executive vice president now owns 893 shares in the company, valued at approximately $128,949.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Zoe L. Dickson sold 2,265 shares of 3M stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $144.40, for a total transaction of $327,066.00. Following the transaction, the executive vice president now owns 893 shares in the company, valued at approximately $128,949.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Eric D. Hammes sold 3,145 shares of 3M stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $147.31, for a total value of $463,289.95. Following the transaction, the executive vice president now owns 8,818 shares in the company, valued at approximately $1,298,979.58. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,121 shares of company stock valued at $6,644,865. 0.34% of the stock is owned by company insiders.

About 3M

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3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.

See Also

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

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