Edgewood Management LLC Sells 17,580 Shares of 3M (NYSE:MMM)

Edgewood Management LLC reduced its stake in shares of 3M (NYSE:MMM) by 6.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 251,566 shares of the conglomerate’s stock after selling 17,580 shares during the quarter. 3M comprises about 0.1% of Edgewood Management LLC’s portfolio, making the stock its 25th biggest position. Edgewood Management LLC’s holdings in 3M were worth $34,389,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also bought and sold shares of the business. Eagle Asset Management Inc. acquired a new position in 3M in the third quarter valued at approximately $6,191,000. LPL Financial LLC raised its holdings in 3M by 1.3% in the third quarter. LPL Financial LLC now owns 737,531 shares of the conglomerate’s stock worth $100,820,000 after purchasing an additional 9,158 shares during the period. Tradewinds LLC. raised its holdings in 3M by 11.1% in the third quarter. Tradewinds LLC. now owns 2,622 shares of the conglomerate’s stock worth $358,000 after purchasing an additional 263 shares during the period. German American Bancorp Inc. raised its holdings in 3M by 11.0% in the third quarter. German American Bancorp Inc. now owns 3,029 shares of the conglomerate’s stock worth $414,000 after purchasing an additional 300 shares during the period. Finally, Cypress Capital Group increased its position in shares of 3M by 3.8% during the third quarter. Cypress Capital Group now owns 53,560 shares of the conglomerate’s stock worth $7,322,000 after acquiring an additional 1,979 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Performance

Shares of MMM opened at $127.32 on Friday. The firm has a 50-day moving average of $132.66 and a 200-day moving average of $118.73. 3M has a one year low of $75.40 and a one year high of $141.34. The company has a market cap of $69.33 billion, a PE ratio of 16.08, a price-to-earnings-growth ratio of 2.12 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. 3M’s quarterly revenue was down 24.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.68 EPS. As a group, equities analysts forecast that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is presently 35.35%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, July 30th. Mizuho increased their price objective on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Citigroup raised their target price on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $144.87.

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.