Birmingham Capital Management Co. Inc. AL Cuts Position in 3M Company $MMM

Key Points

• Birmingham Capital Management Co. Inc. AL reduced its stake in 3M Company by 18.0%, now holding 31,149 shares worth approximately $4.74 million.
• 3M recently declared a quarterly dividend of $0.73 per share, translating to an annualized yield of 1.9% with a payout ratio of 40.61%.
• Analyst price targets for 3M stock have increased, with firms like Deutsche Bank and Wells Fargo raising their objectives to $185.00 and $176.00 respectively, indicating a positive outlook.

Birmingham Capital Management Co. Inc. AL trimmed its stake in 3M Company (NYSE:MMM - Free Report) by 18.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,149 shares of the conglomerate's stock after selling 6,827 shares during the period. 3M accounts for 2.1% of Birmingham Capital Management Co. Inc. AL's portfolio, making the stock its 15th largest position. Birmingham Capital Management Co. Inc. AL's holdings in 3M were worth $4,742,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Invesco Ltd. boosted its holdings in shares of 3M by 0.7% in the 1st quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate's stock valued at $660,695,000 after buying an additional 30,260 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in 3M by 10.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,198,538 shares of the conglomerate's stock valued at $616,597,000 after acquiring an additional 414,160 shares during the last quarter. Alliancebernstein L.P. boosted its stake in 3M by 23.1% in the first quarter. Alliancebernstein L.P. now owns 3,127,734 shares of the conglomerate's stock valued at $459,339,000 after acquiring an additional 586,851 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in 3M by 6.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,122,020 shares of the conglomerate's stock valued at $458,500,000 after acquiring an additional 199,944 shares in the last quarter. Finally, Amundi grew its holdings in 3M by 20.7% in the first quarter. Amundi now owns 3,030,397 shares of the conglomerate's stock worth $423,471,000 after purchasing an additional 519,302 shares during the last quarter. Institutional investors own 65.25% of the company's stock.

3M Trading Up 0.9%

Shares of 3M stock opened at $152.75 on Monday. 3M Company has a 1 year low of $121.98 and a 1 year high of $164.15. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. The stock has a market cap of $81.36 billion, a PE ratio of 21.24, a price-to-earnings-growth ratio of 2.52 and a beta of 1.05. The firm has a fifty day moving average price of $155.02 and a 200 day moving average price of $148.87.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Tuesday, February 21st. The conglomerate reported $2.45 earnings per share for the quarter. The company had revenue of $8.38 billion for the quarter. 3M had a return on equity of 96.48% and a net margin of 16.01%. Equities research analysts predict that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Monday, August 25th were issued a $0.73 dividend. The ex-dividend date of this dividend was Monday, August 25th. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. 3M's payout ratio is presently 40.61%.

Insider Activity at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the transaction, the insider owned 2,900 shares of the company's stock, valued at approximately $435,522. The trade was a 68.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the sale, the chief accounting officer directly owned 2,561 shares in the company, valued at approximately $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MMM. Deutsche Bank Aktiengesellschaft increased their price objective on 3M from $177.00 to $185.00 and gave the company a "buy" rating in a report on Thursday, October 2nd. Wells Fargo & Company raised their price target on 3M from $170.00 to $176.00 and gave the stock an "overweight" rating in a report on Monday, October 6th. Barclays set a $170.00 price objective on shares of 3M in a report on Friday, July 18th. Weiss Ratings reiterated a "buy (b-)" rating on shares of 3M in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of 3M from $175.00 to $178.00 and gave the company an "overweight" rating in a research note on Wednesday, October 15th. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, 3M has an average rating of "Moderate Buy" and an average price target of $169.00.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company's 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.

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