Westhampton Capital LLC Has $1.43 Million Stake in 3M Company (NYSE:MMM)

Westhampton Capital LLC trimmed its position in shares of 3M Company (NYSE:MMM) by 3.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,727 shares of the conglomerate’s stock after selling 400 shares during the period. Westhampton Capital LLC’s holdings in 3M were worth $1,429,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in 3M by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock worth $1,493,655,000 after buying an additional 280,048 shares during the last quarter. Northern Trust Corp increased its holdings in 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock worth $871,738,000 after buying an additional 755,155 shares during the last quarter. Capital World Investors boosted its position in 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the period. Bank of New York Mellon Corp boosted its position in 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after purchasing an additional 479,621 shares during the period. Finally, Norges Bank bought a new position in 3M during the fourth quarter worth $636,767,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Zoe L. Dickson sold 7,915 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president now owns 6,127 shares of the company’s stock, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the company’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the sale, the executive vice president now directly owns 31,372 shares of the company’s stock, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

3M Trading Up 0.9%

Shares of 3M stock opened at $143.85 on Friday. The firm has a 50-day moving average of $143.11 and a 200-day moving average of $142.22. The stock has a market cap of $77.42 billion, a PE ratio of 18.16, a PEG ratio of 2.99 and a beta of 1.03. 3M Company has a 52-week low of $98.26 and a 52-week high of $156.35. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66.

3M (NYSE:MMM) last announced its 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. 3M had a net margin of 17.79% and a return on equity of 96.19%. The company had revenue of $5.80 billion during the quarter, compared to analysts’ expectations of $5.78 billion. As a group, sell-side analysts forecast that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 2.03%. 3M’s dividend payout ratio is 36.87%.

Analysts Set New Price Targets

A number of equities analysts have commented on MMM shares. Barclays lifted their price objective on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. Citigroup lifted their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. JPMorgan Chase & Co. lifted their price objective on shares of 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research report on Friday, May 16th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Wednesday, June 11th. Finally, Royal Bank Of Canada lifted their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, 3M presently has an average rating of “Moderate Buy” and an average price target of $155.83.

About 3M

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.