Folger Nolan Fleming Douglas Capital Management Inc. Lowers Holdings in 3M (NYSE:MMM)

Folger Nolan Fleming Douglas Capital Management Inc. lessened its stake in 3M (NYSE:MMM) by 12.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 11,174 shares of the conglomerate’s stock after selling 1,582 shares during the quarter. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in 3M were worth $1,641,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Wayfinding Financial LLC purchased a new position in shares of 3M in the 4th quarter worth about $851,000. Ensign Peak Advisors Inc raised its position in shares of 3M by 29.2% in the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate’s stock worth $82,921,000 after purchasing an additional 145,146 shares during the last quarter. Braun Stacey Associates Inc. raised its position in shares of 3M by 18.4% in the 4th quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate’s stock worth $18,408,000 after purchasing an additional 22,203 shares during the last quarter. Asahi Life Asset Management CO. LTD. raised its position in shares of 3M by 34.0% in the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate’s stock worth $1,616,000 after purchasing an additional 3,173 shares during the last quarter. Finally, Allstate Corp purchased a new position in shares of 3M in the 4th quarter worth about $2,101,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MMM shares. Barclays lifted their price target on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. Royal Bank of Canada lifted their price objective on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, April 23rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a report on Wednesday. Citigroup lifted their price objective on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, May 30th. Finally, Bank of America lifted their price objective on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $153.46.

3M Trading Down 1.8%

3M stock opened at $144.60 on Friday. The business has a 50-day simple moving average of $141.94 and a two-hundred day simple moving average of $141.71. The company has a market cap of $77.82 billion, a P/E ratio of 19.15, a P/E/G ratio of 3.30 and a beta of 1.03. 3M has a 52-week low of $98.26 and a 52-week high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. The business had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. Analysts predict that 3M will post 7.8 EPS for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.02%. 3M’s dividend payout ratio is currently 36.87%.

Insider Buying and Selling at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the transaction, the executive vice president now directly owns 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president now owns 31,372 shares of the company’s stock, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

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.