Transcend Capital Advisors LLC Has $889,000 Stake in 3M Company $MMM

Transcend Capital Advisors LLC cut its holdings in shares of 3M Company (NYSE:MMM) by 53.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,836 shares of the conglomerate’s stock after selling 6,581 shares during the period. Transcend Capital Advisors LLC’s holdings in 3M were worth $889,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of MMM. Nuveen LLC acquired a new stake in 3M during the first quarter worth approximately $235,020,000. Alliancebernstein L.P. increased its stake in shares of 3M by 23.1% in the first quarter. Alliancebernstein L.P. now owns 3,127,734 shares of the conglomerate’s stock valued at $459,339,000 after buying an additional 586,851 shares during the period. Amundi raised its position in shares of 3M by 20.7% in the 1st quarter. Amundi now owns 3,030,397 shares of the conglomerate’s stock worth $423,471,000 after acquiring an additional 519,302 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in shares of 3M in the 1st quarter valued at about $68,822,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of 3M by 10.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,198,538 shares of the conglomerate’s stock valued at $616,597,000 after buying an additional 414,160 shares during the period. 65.25% of the stock is currently owned by institutional investors.

Insider Transactions at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the firm’s stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer owned 2,561 shares in the company, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total transaction of $925,859.70. Following the transaction, the insider directly owned 2,900 shares in the company, valued at $435,522. This represents a 68.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.48% of the stock is currently owned by corporate insiders.

3M Trading Down 1.0%

Shares of MMM stock opened at $166.67 on Wednesday. The firm’s fifty day simple moving average is $156.49 and its 200 day simple moving average is $150.58. The firm has a market capitalization of $88.54 billion, a P/E ratio of 26.62, a price-to-earnings-growth ratio of 2.97 and a beta of 1.05. 3M Company has a 1 year low of $121.98 and a 1 year high of $172.85. The company has a current ratio of 1.84, a quick ratio of 1.40 and a debt-to-equity ratio of 2.54.

3M (NYSE:MMM) last announced its earnings results on Tuesday, February 21st. The conglomerate reported $2.45 earnings per share (EPS) for the quarter. The business had revenue of $8.38 billion during the quarter. 3M had a net margin of 13.70% and a return on equity of 98.47%. As a group, sell-side analysts predict that 3M Company will post 7.8 EPS for the current year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, August 25th were paid a $0.73 dividend. The ex-dividend date was Monday, August 25th. This represents a $2.92 annualized dividend and a dividend yield of 1.8%. 3M’s dividend payout ratio is 46.65%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on MMM shares. Wells Fargo & Company lifted their price target on 3M from $176.00 to $183.00 and gave the company an “overweight” rating in a research note on Wednesday, October 22nd. Weiss Ratings reiterated a “buy (b-)” rating on shares of 3M in a report on Wednesday, October 8th. JPMorgan Chase & Co. lifted their target price on shares of 3M from $175.00 to $178.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Royal Bank Of Canada upped their target price on shares of 3M from $120.00 to $130.00 and gave the company an “underperform” rating in a research report on Wednesday, October 22nd. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of 3M from $177.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, October 2nd. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $172.67.

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.