Corundum Group Inc. Trims Stock Position in 3M Company $MMM

Key Points

• Corundum Group Inc. has reduced its stake in 3M Company by 1.7%, now holding 98,152 shares worth approximately $14.9 million, making it the fund's third largest holding.
• Wall Street analysts have shown confidence in 3M, with ratings including an upgrade from Weiss Ratings to buy and multiple price targets around $167 to $170.
• 3M recently announced a quarterly dividend of $0.73, representing a 1.8% yield, with a payout ratio of 40.61% as of the most recent reporting period.

Corundum Group Inc. decreased its position in 3M Company (NYSE:MMM - Free Report) by 1.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 98,152 shares of the conglomerate's stock after selling 1,688 shares during the quarter. 3M accounts for 6.6% of Corundum Group Inc.'s portfolio, making the stock its 3rd biggest holding. Corundum Group Inc.'s holdings in 3M were worth $14,943,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in MMM. Brighton Jones LLC increased its stake in 3M by 26.6% in the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after acquiring an additional 1,872 shares during the last quarter. Bison Wealth LLC increased its stake in 3M by 10.2% in the 4th quarter. Bison Wealth LLC now owns 2,751 shares of the conglomerate's stock worth $355,000 after acquiring an additional 255 shares during the last quarter. RFG Advisory LLC increased its stake in 3M by 177.7% in the 1st quarter. RFG Advisory LLC now owns 8,324 shares of the conglomerate's stock worth $1,223,000 after acquiring an additional 5,326 shares during the last quarter. Matrix Trust Co boosted its holdings in shares of 3M by 26.8% in the 1st quarter. Matrix Trust Co now owns 936 shares of the conglomerate's stock worth $137,000 after purchasing an additional 198 shares during the period. Finally, Beacon Financial Group purchased a new position in shares of 3M in the 1st quarter worth approximately $220,000. Institutional investors own 65.25% of the company's stock.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of recent research reports. Weiss Ratings upgraded 3M from a "hold (c+)" rating to a "buy (b-)" rating in a report on Saturday, September 27th. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Barclays set a $170.00 target price on 3M in a report on Friday, July 18th. Finally, JPMorgan Chase & Co. set a $167.00 price objective on 3M in a report on Friday, July 18th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $161.78.

3M Price Performance

MMM opened at $158.45 on Friday. The business has a fifty day moving average of $154.38 and a 200 day moving average of $148.61. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The stock has a market cap of $84.40 billion, a P/E ratio of 22.04, a PEG ratio of 2.88 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%.The company had revenue of $6.16 billion during the quarter, compared to analysts' expectations of $6.09 billion. During the same quarter in the previous year, the business earned $1.93 EPS. 3M's revenue was up 1.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

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

Insider Buying and Selling at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was 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 directly owned 2,561 shares in the company, valued at approximately $385,763.43. This represents a 57.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the sale, the insider owned 2,900 shares of the company's stock, valued at $435,522. This represents a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

About 3M

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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