Clifford Swan Investment Counsel LLC Lowers Stake in 3M Company (NYSE:MMM)

Clifford Swan Investment Counsel LLC cut its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 15.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,359 shares of the conglomerate's stock after selling 8,587 shares during the period. Clifford Swan Investment Counsel LLC's holdings in 3M were worth $7,102,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. LaSalle St. Investment Advisors LLC grew its position in shares of 3M by 2.5% during the fourth quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate's stock worth $381,000 after buying an additional 71 shares in the last quarter. TCV Trust & Wealth Management Inc. lifted its stake in 3M by 1.1% in the first quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate's stock valued at $954,000 after buying an additional 73 shares during the last quarter. Cahaba Wealth Management Inc. raised its stake in shares of 3M by 1.4% during the first quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock valued at $819,000 after purchasing an additional 75 shares in the last quarter. Altman Advisors Inc. raised its stake in shares of 3M by 0.5% during the first quarter. Altman Advisors Inc. now owns 16,690 shares of the conglomerate's stock valued at $2,318,000 after purchasing an additional 76 shares in the last quarter. Finally, NBT Bank N A NY raised its position in 3M by 0.8% in the first quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock worth $1,431,000 after acquiring an additional 79 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the transaction, the executive vice president owned 6,127 shares in the company, valued at $913,045.54. This represents a 56.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the sale, the executive vice president owned 31,372 shares of the company's stock, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

3M Stock Down 0.3%

Shares of MMM stock traded down $0.40 during trading hours on Thursday, reaching $150.42. 2,220,206 shares of the company's stock were exchanged, compared to its average volume of 3,892,481. The company has a market cap of $80.12 billion, a price-to-earnings ratio of 20.93, a P/E/G ratio of 3.09 and a beta of 1.02. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. 3M Company has a fifty-two week low of $101.77 and a fifty-two week high of $164.15. The stock's 50 day moving average is $150.02 and its 200-day moving average is $145.88.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating the consensus estimate of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same period in the prior year, the company earned $1.93 earnings per share. The firm's revenue was up 1.4% on a year-over-year basis. Analysts predict that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.94%. 3M's dividend payout ratio (DPR) is presently 40.61%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MMM. Citigroup lifted their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Barclays set a $170.00 price target on 3M in a research note on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 target price on 3M in a research note on Friday, July 18th. Finally, Royal Bank Of Canada increased their price objective on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $156.33.

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.