Welch & Forbes LLC Has $32.10 Million Holdings in 3M Co (NYSE:MMM)

Welch & Forbes LLC cut its stake in 3M Co (NYSE:MMM) by 2.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 195,262 shares of the conglomerate’s stock after selling 4,316 shares during the period. Welch & Forbes LLC’s holdings in 3M were worth $32,101,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Greylin Investment Mangement Inc. acquired a new stake in 3M during the 3rd quarter valued at $210,000. Larson Financial Group LLC increased its holdings in 3M by 43.4% during the 3rd quarter. Larson Financial Group LLC now owns 2,292 shares of the conglomerate’s stock valued at $377,000 after purchasing an additional 694 shares in the last quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO increased its holdings in 3M by 0.7% during the 3rd quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 19,534 shares of the conglomerate’s stock valued at $3,211,000 after purchasing an additional 140 shares in the last quarter. Rockland Trust Co. increased its holdings in 3M by 47.1% during the 3rd quarter. Rockland Trust Co. now owns 20,153 shares of the conglomerate’s stock valued at $3,128,000 after purchasing an additional 6,450 shares in the last quarter. Finally, First PREMIER Bank increased its holdings in 3M by 7.0% during the 3rd quarter. First PREMIER Bank now owns 1,520 shares of the conglomerate’s stock valued at $250,000 after purchasing an additional 100 shares in the last quarter. 66.77% of the stock is owned by institutional investors and hedge funds.

In other news, insider John Patrick Banovetz sold 1,040 shares of 3M 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 sale, the insider now directly owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.83% of the stock is currently owned by company insiders.

Shares of NYSE MMM traded up $7.14 during midday trading on Friday, hitting $159.45. The stock had a trading volume of 2,983,250 shares, compared to its average volume of 2,765,893. The company’s 50-day simple moving average is $161.81 and its 200 day simple moving average is $175.86. The firm has a market cap of $86.72 billion, a P/E ratio of 15.24, a price-to-earnings-growth ratio of 1.70 and a beta of 1.11. 3M Co has a fifty-two week low of $150.58 and a fifty-two week high of $219.75. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34.

3M (NYSE:MMM) last released its earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.04 by $0.16. The company had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period last year, the firm earned $2.59 EPS. Equities analysts expect that 3M Co will post 9.32 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Friday, August 16th were paid a $1.44 dividend. The ex-dividend date was Thursday, August 15th. This represents a $5.76 annualized dividend and a dividend yield of 3.61%. 3M’s dividend payout ratio (DPR) is currently 55.07%.

MMM has been the subject of a number of recent analyst reports. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $183.00 price target for the company in a report on Monday, July 29th. JPMorgan Chase & Co. raised their price target on 3M from $140.00 to $143.00 and gave the company an “underweight” rating in a report on Thursday. UBS Group dropped their price target on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Bank of America dropped their price target on 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. 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 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. The company has an average rating of “Hold” and an average price target of $182.15.

3M Company 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.

Further Reading: Price to Earnings Ratio (PE)

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

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