Miller Financial Services LLC Cuts Stake in 3M Company (NYSE:MMM)

Miller Financial Services LLC lessened its holdings in shares of 3M Company (NYSE:MMM) by 6.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,518 shares of the conglomerate’s stock after selling 253 shares during the quarter. Miller Financial Services LLC’s holdings in 3M were worth $517,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Brighton Jones LLC lifted its holdings in shares of 3M by 26.6% in the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate’s stock valued at $1,149,000 after acquiring an additional 1,872 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in 3M during the fourth quarter valued at approximately $202,000. Mizuho Securities USA LLC lifted its stake in shares of 3M by 44.9% in the 4th quarter. Mizuho Securities USA LLC now owns 51,612 shares of the conglomerate’s stock valued at $6,663,000 after purchasing an additional 15,989 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of 3M by 12.0% in the 4th quarter. American Century Companies Inc. now owns 102,773 shares of the conglomerate’s stock worth $13,267,000 after purchasing an additional 11,032 shares during the period. Finally, Sei Investments Co. increased its position in shares of 3M by 13.3% during the 4th quarter. Sei Investments Co. now owns 147,942 shares of the conglomerate’s stock valued at $19,099,000 after purchasing an additional 17,330 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Down 3.3%

Shares of NYSE MMM opened at $153.81 on Monday. 3M Company has a twelve month low of $101.77 and a twelve month high of $164.15. The firm has a market cap of $82.78 billion, a PE ratio of 21.39, a price-to-earnings-growth ratio of 2.98 and a beta of 1.02. The business has a fifty day simple moving average of $149.91 and a two-hundred day simple moving average of $145.65. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87.

3M (NYSE:MMM) last released its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%. The firm had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. During the same period in the previous year, the company posted $1.93 earnings per share. The firm’s quarterly revenue was up 1.4% on a year-over-year basis. Analysts expect that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders 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 1.90%. 3M’s dividend payout ratio is presently 40.61%.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of analyst reports. Citigroup raised their price target on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. Wells Fargo & Company reissued an “overweight” rating on shares of 3M in a research note on Friday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Saturday, July 12th. Royal Bank Of Canada upped their price target on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, April 23rd. Finally, Barclays set a $170.00 price objective on shares of 3M in a research note on Friday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.33.

Insider Activity at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president owned 6,127 shares of the company’s stock, valued at $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the transaction, the executive vice president owned 31,372 shares of the company’s stock, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

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.