Jade Capital Advisors LLC Lowers Stake in 3M (NYSE:MMM)

Jade Capital Advisors LLC cut its holdings in 3M (NYSE:MMM) by 44.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,000 shares of the conglomerate’s stock after selling 20,000 shares during the quarter. 3M accounts for approximately 2.2% of Jade Capital Advisors LLC’s holdings, making the stock its 10th largest position. Jade Capital Advisors LLC’s holdings in 3M were worth $3,418,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. CVA Family Office LLC raised its holdings in 3M by 1.9% in the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after purchasing an additional 79 shares during the period. Fortis Capital Advisors LLC grew its position in shares of 3M by 2.9% during the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after purchasing an additional 84 shares in the last quarter. KMG Fiduciary Partners LLC grew its position in shares of 3M by 0.5% during the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after purchasing an additional 84 shares in the last quarter. Brown Brothers Harriman & Co. grew its position in 3M by 0.4% in the second quarter. Brown Brothers Harriman & Co. now owns 22,613 shares of the conglomerate’s stock worth $2,311,000 after acquiring an additional 97 shares in the last quarter. Finally, AMG National Trust Bank grew its position in 3M by 3.1% in the second quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock worth $340,000 after acquiring an additional 100 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Bank of America raised their price objective on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Mizuho lifted their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Royal Bank of Canada lifted their price target on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Finally, Wells Fargo & Company lifted their price objective on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, 3M has a consensus rating of “Hold” and an average target price of $130.57.

Insider Buying and Selling at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’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 transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Down 0.2 %

3M stock opened at $134.83 on Tuesday. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $140.72. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The firm has a 50 day moving average price of $132.90 and a 200 day moving average price of $113.18. The company has a market capitalization of $74.61 billion, a PE ratio of -10.60, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM) last posted its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The firm had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter last year, the firm earned $2.17 EPS. Research analysts expect that 3M will post 7.24 earnings per share for the current year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.08%. 3M’s dividend payout ratio is presently -22.01%.

3M Company 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.