Boit C F David Trims Holdings in 3M Company $MMM

Key Points

• Boit C F David reduced its holdings in 3M Company by 56.0% during Q2, owning 2,360 shares valued at $359,000 after selling 3,000 shares.
• 3M stock rose 7.6% and has a market cap of $88.71 billion, with a PE ratio of 23.17.
• The company announced a quarterly dividend of $0.73, representing an annualized yield of 1.8% and a payout ratio of 40.61%.

Boit C F David trimmed its position in 3M Company (NYSE:MMM - Free Report) by 56.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,360 shares of the conglomerate's stock after selling 3,000 shares during the period. Boit C F David's holdings in 3M were worth $359,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd purchased a new position in 3M in the 1st quarter valued at about $28,000. WPG Advisers LLC purchased a new position in 3M in the 1st quarter valued at about $28,000. GFG Capital LLC purchased a new position in 3M in the 2nd quarter valued at about $28,000. Saudi Central Bank purchased a new position in 3M in the 1st quarter valued at about $31,000. Finally, Intelligent Financial Strategies purchased a new position in 3M in the 1st quarter valued at about $42,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Up 7.6%

MMM opened at $166.56 on Wednesday. The firm has a 50 day moving average price of $155.18 and a 200 day moving average price of $149.19. The company has a market cap of $88.71 billion, a PE ratio of 23.17, a price-to-earnings-growth ratio of 2.56 and a beta of 1.05. 3M Company has a 1 year low of $121.98 and a 1 year high of $166.82. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72.

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

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Monday, August 25th were given a $0.73 dividend. The ex-dividend date of this dividend was Monday, August 25th. This represents a $2.92 annualized dividend and a yield of 1.8%. 3M's dividend payout ratio (DPR) is 40.61%.

Insider Activity at 3M

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

Analysts Set New Price Targets

A number of research analysts have recently commented on MMM shares. Barclays set a $170.00 price objective on shares of 3M in a research note on Friday, July 18th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of 3M in a research note on Wednesday, October 8th. Wells Fargo & Company upped their price objective on shares of 3M from $170.00 to $176.00 and gave the company an "overweight" rating in a research note on Monday, October 6th. JPMorgan Chase & Co. upped their price objective 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. Finally, Morgan Stanley set a $160.00 price objective on shares of 3M in a research note on Tuesday. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $166.78.

3M 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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