Tevis Investment Management Sells 5,865 Shares of 3M (NYSE:MMM)

Tevis Investment Management lessened its holdings in shares of 3M (NYSE:MMM) by 47.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 6,579 shares of the conglomerate’s stock after selling 5,865 shares during the period. Tevis Investment Management’s holdings in 3M were worth $899,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Capital World Investors bought a new stake in shares of 3M in the first quarter valued at about $165,986,000. International Assets Investment Management LLC lifted its position in shares of 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after acquiring an additional 1,250,491 shares during the period. National Bank of Canada FI grew its holdings in shares of 3M by 218.3% during the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after purchasing an additional 1,021,440 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of 3M by 1,015.6% during the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after purchasing an additional 808,914 shares during the period. Finally, Electron Capital Partners LLC acquired a new position in shares of 3M in the second quarter valued at $76,732,000. Institutional investors own 65.25% of the company’s stock.

Insider Transactions at 3M

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

3M Trading Down 1.3 %

MMM stock opened at $127.59 on Thursday. 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 twelve month low of $74.51 and a twelve month high of $141.34. The company has a market cap of $70.60 billion, a P/E ratio of -10.03, a PEG ratio of 2.42 and a beta of 0.95. The business has a fifty day moving average of $133.07 and a 200-day moving average of $114.80.

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

3M Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on MMM shares. Citigroup lifted their price target on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. JPMorgan Chase & Co. lifted their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and increased their target price for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Finally, Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price 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.