SMH Capital Advisors Inc. Cuts Position in 3M (NYSE:MMM)

SMH Capital Advisors Inc. lessened its stake in 3M (NYSE:MMM) by 4.4% during the second quarter, HoldingsChannel reports. The firm owned 3,900 shares of the conglomerate’s stock after selling 181 shares during the period. 3M comprises approximately 1.2% of SMH Capital Advisors Inc.’s portfolio, making the stock its 16th biggest holding. SMH Capital Advisors Inc.’s holdings in 3M were worth $399,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of MMM. Gilbert & Cook Inc. bought a new stake in 3M during the fourth quarter valued at $481,000. Aveo Capital Partners LLC purchased a new position in shares of 3M during the fourth quarter worth approximately $219,000. Corient Private Wealth LLC raised its stake in shares of 3M by 4.6% during the fourth quarter. Corient Private Wealth LLC now owns 285,982 shares of the conglomerate’s stock worth $31,264,000 after acquiring an additional 12,448 shares in the last quarter. CreativeOne Wealth LLC raised its stake in shares of 3M by 44.3% during the fourth quarter. CreativeOne Wealth LLC now owns 4,977 shares of the conglomerate’s stock worth $544,000 after acquiring an additional 1,527 shares in the last quarter. Finally, Tillman Hartley LLC purchased a new position in shares of 3M in the fourth quarter worth $227,000. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

NYSE:MMM opened at $133.35 on Thursday. The stock has a market capitalization of $73.79 billion, a PE ratio of -10.48, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95. 3M has a 52 week low of $71.12 and a 52 week high of $135.28. The stock’s 50-day moving average price is $123.40 and its 200-day moving average price is $107.32. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period last year, the company posted $2.17 EPS. As a group, equities analysts expect that 3M will post 7.22 EPS for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were issued 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 2.10%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Insiders Place Their Bets

In other 3M 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 value of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction dated 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 directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the business’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 $21,486,484.56. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on MMM. Wells Fargo & Company lifted their price target on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their target price for the company from $110.00 to $150.00 in a report on Monday, July 29th. Citigroup lifted their price target on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price for the company in a research report on Thursday, June 13th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $124.43.

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.