Folger Nolan Fleming Douglas Capital Management Inc. Sells 902 Shares of 3M (NYSE:MMM)

Folger Nolan Fleming Douglas Capital Management Inc. lessened its position in shares of 3M (NYSE:MMM) by 6.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,667 shares of the conglomerate’s stock after selling 902 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in 3M were worth $1,732,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MMM. Ballentine Partners LLC boosted its stake in shares of 3M by 40.1% in the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock valued at $2,490,000 after purchasing an additional 5,210 shares during the last quarter. Stonegate Investment Group LLC lifted its position in 3M by 5.6% during the third quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after purchasing an additional 13,473 shares during the last quarter. Ausdal Financial Partners Inc. lifted its position in 3M by 6.7% in the 2nd quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after buying an additional 249 shares during the last quarter. Candriam S.C.A. boosted its holdings in 3M by 19.2% during the 2nd quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after acquiring an additional 6,185 shares during the period. Finally, True Vision MN LLC purchased a new position in shares of 3M in the second quarter valued at about $512,000. 65.25% of the stock is currently owned by institutional investors.

Insider Activity at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Performance

NYSE:MMM opened at $127.59 on Thursday. The company has a market cap of $70.60 billion, a price-to-earnings ratio of -10.03, a price-to-earnings-growth ratio of 2.42 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. 3M has a 52 week low of $74.51 and a 52 week high of $141.34. The company has a fifty day simple moving average of $133.07 and a two-hundred day simple moving average of $114.80.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter in the prior year, the business earned $2.68 EPS. 3M’s revenue was down 24.3% on a year-over-year basis. As a group, equities analysts anticipate that 3M will post 7.26 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.19%. 3M’s payout ratio is currently -22.01%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. JPMorgan Chase & Co. upped their price target on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday. Royal Bank of Canada boosted their price objective on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 23rd. Citigroup upped their price objective on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Finally, Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research report on Tuesday, July 30th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $139.27.

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.