Janney Montgomery Scott LLC Sells 26,625 Shares of 3M Company $MMM

Key Points

• Janney Montgomery Scott LLC has reduced its stake in 3M Company by 10.6%, selling 26,625 shares in the second quarter, leaving it with 224,185 shares valued at $34.13 million.
• Analysts have generally rated 3M shares positively, with seven giving a Buy rating and a consensus target price of $161.78, following a recent earnings report that exceeded expectations.
• 3M announced a quarterly dividend of $0.73, representing an annualized yield of 1.9%, with the company's current dividend payout ratio standing at 40.61%.

Janney Montgomery Scott LLC reduced its holdings in 3M Company (NYSE:MMM - Free Report) by 10.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 224,185 shares of the conglomerate's stock after selling 26,625 shares during the quarter. Janney Montgomery Scott LLC's holdings in 3M were worth $34,130,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Nippon Life Global Investors Americas Inc. increased its holdings in 3M by 1.8% in the first quarter. Nippon Life Global Investors Americas Inc. now owns 429,850 shares of the conglomerate's stock worth $63,128,000 after purchasing an additional 7,620 shares in the last quarter. Financial Gravity Asset Management Inc. acquired a new position in shares of 3M during the first quarter worth approximately $2,506,000. Synergy Asset Management LLC raised its position in shares of 3M by 122.7% during the first quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock worth $663,000 after purchasing an additional 2,486 shares during the period. Northstar Group Inc. acquired a new position in shares of 3M during the first quarter worth approximately $262,000. Finally, Dynamic Advisor Solutions LLC acquired a new position in shares of 3M during the first quarter worth approximately $786,000. 65.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on MMM shares. Weiss Ratings raised 3M from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Saturday, September 27th. Barclays set a $170.00 target price on 3M in a research report on Friday, July 18th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Finally, JPMorgan Chase & Co. set a $167.00 target price on 3M in a research report on Friday, July 18th. Seven 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, 3M has an average rating of "Moderate Buy" and a consensus target price of $161.78.

3M Trading Up 0.5%

Shares of 3M stock opened at $155.90 on Thursday. The stock has a fifty day simple moving average of $154.06 and a 200 day simple moving average of $148.52. 3M Company has a 12-month low of $121.98 and a 12-month high of $164.15. The company has a market capitalization of $83.04 billion, a P/E ratio of 21.68, a price-to-earnings-growth ratio of 2.82 and a beta of 1.05. 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 (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%.The business had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter in the prior year, the company posted $1.93 earnings per share. 3M's revenue was up 1.4% compared to the same quarter last year. On average, sell-side analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

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

Insiders Place Their Bets

In other 3M news, 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 transaction, the insider owned 2,900 shares in the company, valued at $435,522. This represents a 68.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction 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 transaction, 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 position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

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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