Folger Nolan Fleming Douglas Capital Management Inc. Cuts Stake in 3M (NYSE:MMM)

Folger Nolan Fleming Douglas Capital Management Inc. lessened its position in 3M (NYSE:MMM) by 6.6% in the 3rd quarter, according to its most recent filing with the SEC. 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 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. First Trust Direct Indexing L.P. boosted its holdings in 3M by 9.3% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 13,279 shares of the conglomerate’s stock valued at $1,815,000 after purchasing an additional 1,131 shares in the last quarter. New York State Teachers Retirement System boosted its stake in shares of 3M by 2.7% in the third quarter. New York State Teachers Retirement System now owns 503,363 shares of the conglomerate’s stock valued at $68,810,000 after buying an additional 13,315 shares in the last quarter. Golden State Equity Partners grew its holdings in 3M by 179.8% during the third quarter. Golden State Equity Partners now owns 9,235 shares of the conglomerate’s stock worth $1,262,000 after acquiring an additional 5,934 shares during the period. Childress Capital Advisors LLC purchased a new position in 3M in the third quarter worth $205,000. Finally, Valmark Advisers Inc. raised its position in 3M by 2.9% in the third quarter. Valmark Advisers Inc. now owns 5,263 shares of the conglomerate’s stock worth $719,000 after acquiring an additional 147 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Activity at 3M

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

3M Stock Performance

NYSE MMM opened at $127.59 on Thursday. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The company has a market capitalization of $70.60 billion, a PE ratio of -10.03, a price-to-earnings-growth ratio of 2.42 and a beta of 0.95. The business’s 50-day moving average price is $133.07 and its 200 day moving average price is $114.80. 3M has a twelve month low of $74.51 and a twelve month high of $141.34.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion during 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 business’s quarterly revenue was down 24.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.68 earnings per share. On average, research analysts predict that 3M will post 7.26 earnings per share for the current year.

3M Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Royal Bank of Canada upped their price target 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. Wells Fargo & Company increased their target price 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. Mizuho boosted their price target on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Morgan Stanley began coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective for the company. Finally, Bank of America boosted their target price on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $139.27.

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.