Shelter Mutual Insurance Co Sells 2,620 Shares of 3M Co (NYSE:MMM)

Shelter Mutual Insurance Co cut its holdings in 3M Co (NYSE:MMM) by 8.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,640 shares of the conglomerate’s stock after selling 2,620 shares during the period. Shelter Mutual Insurance Co’s holdings in 3M were worth $4,791,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. M. Kraus & Co grew its position in shares of 3M by 5.2% during the 2nd quarter. M. Kraus & Co now owns 3,630 shares of the conglomerate’s stock worth $629,000 after buying an additional 179 shares in the last quarter. Schafer Cullen Capital Management Inc grew its position in shares of 3M by 26.8% during the 2nd quarter. Schafer Cullen Capital Management Inc now owns 590,654 shares of the conglomerate’s stock worth $102,384,000 after buying an additional 124,665 shares in the last quarter. Physicians Financial Services Inc. grew its position in shares of 3M by 11.7% during the 1st quarter. Physicians Financial Services Inc. now owns 16,859 shares of the conglomerate’s stock worth $3,503,000 after buying an additional 1,763 shares in the last quarter. Ascent Wealth Partners LLC grew its position in shares of 3M by 5.1% during the 2nd quarter. Ascent Wealth Partners LLC now owns 13,868 shares of the conglomerate’s stock worth $2,405,000 after buying an additional 676 shares in the last quarter. Finally, Steinberg Global Asset Management grew its position in shares of 3M by 52.6% during the 1st quarter. Steinberg Global Asset Management now owns 4,903 shares of the conglomerate’s stock worth $1,019,000 after buying an additional 1,689 shares in the last quarter. 67.55% of the stock is currently owned by institutional investors.

MMM stock traded down $0.34 during trading on Thursday, reaching $158.47. 133,771 shares of the company traded hands, compared to its average volume of 3,092,303. 3M Co has a 12 month low of $158.04 and a 12 month high of $219.75. The company’s 50 day moving average price is $171.17. The company has a market capitalization of $93.26 billion, a P/E ratio of 15.12, a price-to-earnings-growth ratio of 1.72 and a beta of 1.09. The company has a quick ratio of 1.34, a current ratio of 1.93 and a debt-to-equity ratio of 1.53.

3M (NYSE:MMM) last issued its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter last year, the company earned $2.59 earnings per share. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. Equities research analysts expect that 3M Co will post 9.29 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Friday, August 16th will be given a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date of this dividend is Thursday, August 15th. 3M’s payout ratio is currently 55.07%.

In other 3M news, insider Joaquin Delgado sold 5,400 shares of the stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $169.68, for a total value of $916,272.00. Following the completion of the sale, the insider now directly owns 28,092 shares in the company, valued at $4,766,650.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $170.40, for a total value of $177,216.00. Following the completion of the sale, the insider now owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The disclosure for this sale can be found here. Company insiders own 0.83% of the company’s stock.

A number of equities analysts have recently issued reports on MMM shares. UBS Group dropped their price target on 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. Morgan Stanley raised their price objective on 3M from $172.00 to $177.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. dropped their price objective on 3M from $143.00 to $140.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 6th. Gordon Haskett downgraded 3M from a “buy” rating to a “hold” rating and set a $191.98 price objective on the stock. in a research report on Monday, April 29th. Finally, Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $183.00 price objective on the stock in a research report on Monday, July 29th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. 3M currently has an average rating of “Hold” and a consensus target price of $182.54.

3M Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

See Also: Understanding Price to Earnings Ratio (PE)

Institutional Ownership by Quarter for 3M (NYSE:MMM)

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