Hodges Capital Management Inc. Sells 12,883 Shares of 3M Company $MMM

Key Points

• Hodges Capital Management Inc. reduced its stake in 3M Company by 37.0%, selling 12,883 shares and currently holding 21,970 shares valued at approximately $3.23 million.
• A series of hedge funds have recently increased their investments in 3M, with institutional investors currently owning 65.25% of the stock.
• 3M announced a quarterly dividend of $0.73 per share, representing a 1.8% yield, set to be paid on September 12th to shareholders recorded by August 25th.

Hodges Capital Management Inc. cut its position in shares of 3M Company (NYSE:MMM - Free Report) by 37.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,970 shares of the conglomerate's stock after selling 12,883 shares during the period. Hodges Capital Management Inc.'s holdings in 3M were worth $3,227,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of MMM. REAP Financial Group LLC raised its stake in 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after acquiring an additional 94 shares in the last quarter. Pinney & Scofield Inc. acquired a new position in shares of 3M during the fourth quarter valued at $28,000. Caitong International Asset Management Co. Ltd acquired a new position in 3M in the first quarter valued at about $28,000. WPG Advisers LLC acquired a new position in 3M in the first quarter valued at about $28,000. Finally, Curat Global LLC acquired a new position in 3M in the first quarter valued at about $29,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MMM. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Barclays set a $170.00 target price 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. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a report on Saturday, August 30th. Finally, Citigroup lifted their price objective on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $161.78.

Insider Buying and Selling at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer directly owned 2,561 shares of the company's stock, valued at approximately $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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. This trade 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.

3M Stock Up 3.7%

Shares of 3M stock opened at $159.24 on Friday. 3M Company has a one year low of $121.98 and a one 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's 50-day moving average is $153.94 and its 200 day moving average is $147.89. The firm has a market cap of $84.82 billion, a price-to-earnings ratio of 22.15, a PEG ratio of 2.79 and a beta of 1.04.

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

3M Announces Dividend

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

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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