Synergy Asset Management LLC Sells 152 Shares of 3M (NYSE:MMM)

Synergy Asset Management LLC lowered its stake in shares of 3M (NYSE:MMM) by 7.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 2,026 shares of the conglomerate’s stock after selling 152 shares during the period. Synergy Asset Management LLC’s holdings in 3M were worth $207,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in MMM. Jade Capital Advisors LLC acquired a new position in 3M in the fourth quarter worth $4,373,000. Scarborough Advisors LLC bought a new stake in shares of 3M in the 4th quarter valued at about $978,000. KMG Fiduciary Partners LLC raised its position in shares of 3M by 2.2% in the 1st quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock valued at $1,567,000 after acquiring an additional 311 shares during the period. Norden Group LLC boosted its stake in 3M by 1,381.0% during the 1st quarter. Norden Group LLC now owns 65,341 shares of the conglomerate’s stock worth $6,930,000 after acquiring an additional 60,929 shares during the last quarter. Finally, Financial Synergies Wealth Advisors Inc. raised its holdings in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the period. Institutional investors own 65.25% of the company’s stock.

Insider Activity

In related news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction on 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 sale was disclosed in a filing with the SEC, which is available through this link. In other news, 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 value 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 $541,659.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on 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 directly owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on MMM shares. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a report on Tuesday, July 30th. Morgan Stanley began coverage on 3M in a report on Friday. They issued an “underweight” rating and a $125.00 price target for the company. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and boosted their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and raised their target price for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Finally, Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their price target for the company from $92.00 to $140.00 in a report on Thursday, May 16th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $124.43.

3M Stock Down 2.1 %

Shares of MMM stock opened at $128.61 on Friday. The firm’s fifty day moving average price is $118.48 and its two-hundred day moving average price is $104.99. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. 3M has a 1 year low of $71.12 and a 1 year high of $134.99. The firm has a market capitalization of $71.17 billion, a P/E ratio of -10.11, a PEG ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the previous year, the business earned $2.17 earnings per share. On average, equities analysts predict that 3M will post 7.2 EPS for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th 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 2.18%. The ex-dividend date is Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

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.