3M Co (NYSE:MMM) Shares Sold by Woodmont Investment Counsel LLC

Woodmont Investment Counsel LLC trimmed its holdings in 3M Co (NYSE:MMM) by 2.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,223 shares of the conglomerate’s stock after selling 285 shares during the period. Woodmont Investment Counsel LLC’s holdings in 3M were worth $2,119,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in MMM. Vanguard Group Inc. increased its holdings in shares of 3M by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 49,688,700 shares of the conglomerate’s stock valued at $8,613,040,000 after acquiring an additional 407,636 shares during the last quarter. BlackRock Inc. increased its holdings in shares of 3M by 1.2% in the 2nd quarter. BlackRock Inc. now owns 39,134,895 shares of the conglomerate’s stock valued at $6,783,640,000 after acquiring an additional 472,084 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of 3M by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,349,242 shares of the conglomerate’s stock valued at $927,238,000 after acquiring an additional 72,266 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of 3M by 4.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,440,014 shares of the conglomerate’s stock valued at $769,633,000 after acquiring an additional 173,877 shares during the last quarter. Finally, Ronna Sue Cohen increased its holdings in shares of 3M by 20,703.2% in the 1st quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock valued at $2,685,000 after acquiring an additional 2,672,577 shares during the last quarter. 66.77% of the stock is currently owned by institutional investors.

In other news, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total value of $177,216.00. Following the completion of the transaction, the insider now owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.83% of the stock is owned by corporate insiders.

MMM has been the subject of a number of research analyst reports. Morgan Stanley boosted their price target on 3M from $172.00 to $177.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Barclays reiterated a “sell” rating and issued a $162.00 price target on shares of 3M in a report on Thursday, June 6th. Citigroup lowered their price target on 3M from $221.00 to $197.00 and set a “buy” rating for the company in a report on Monday, June 3rd. Credit Suisse Group boosted their price target on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. Finally, Royal Bank of Canada set a $179.00 price target on 3M and gave the company a “hold” rating in a report on Friday, July 26th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. 3M has an average rating of “Hold” and an average target price of $182.54.

MMM traded down $1.79 during trading on Wednesday, reaching $166.28. 1,432,904 shares of the company were exchanged, compared to its average volume of 2,369,599. The stock has a market cap of $98.63 billion, a P/E ratio of 15.90, a PEG ratio of 1.93 and a beta of 1.11. The firm has a 50 day moving average of $164.14 and a 200 day moving average of $181.06. The company has a current ratio of 1.93, a quick ratio of 1.34 and a debt-to-equity ratio of 1.53. 3M Co has a 52 week low of $154.00 and a 52 week high of $219.75.

3M (NYSE:MMM) last issued its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, topping the Zacks’ consensus estimate of $2.04 by $0.16. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm’s revenue was down 2.6% on a year-over-year basis. During the same period in the prior year, the business earned $2.59 EPS. As a group, analysts forecast that 3M Co will post 9.34 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Friday, August 16th were paid a dividend of $1.44 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a yield of 3.46%. 3M’s payout ratio is currently 55.07%.

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.

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

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