3M (NYSE:MMM) Shares Sold by Raab & Moskowitz Asset Management LLC

Raab & Moskowitz Asset Management LLC trimmed its stake in shares of 3M (NYSE:MMM) by 6.1% during the 2nd quarter, Holdings Channel reports. The fund owned 2,404 shares of the conglomerate’s stock after selling 157 shares during the quarter. Raab & Moskowitz Asset Management LLC’s holdings in 3M were worth $246,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of MMM. Susquehanna Fundamental Investments LLC acquired a new position in shares of 3M in the 2nd quarter valued at $34,389,000. Lighthouse Investment Partners LLC purchased a new position in 3M in the second quarter valued at $7,664,000. The Manufacturers Life Insurance Company raised its position in shares of 3M by 2.9% in the second quarter. The Manufacturers Life Insurance Company now owns 401,554 shares of the conglomerate’s stock worth $41,035,000 after acquiring an additional 11,368 shares during the period. MBB Public Markets I LLC purchased a new stake in shares of 3M during the 2nd quarter worth about $4,119,000. Finally, Disciplined Equity Management Inc. grew its position in shares of 3M by 3.0% during the 2nd quarter. Disciplined Equity Management Inc. now owns 16,758 shares of the conglomerate’s stock valued at $1,713,000 after acquiring an additional 490 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at 3M

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s 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 completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred 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 sale, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Royal Bank of Canada increased their price target on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. Morgan Stanley began coverage on 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Wells Fargo & Company boosted their price target on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. Barclays increased their price objective on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Finally, Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $124.43.

3M Price Performance

NYSE:MMM opened at $137.26 on Friday. The stock has a 50 day moving average price of $127.98 and a 200 day moving average price of $109.33. The stock has a market cap of $75.95 billion, a PE ratio of -10.79, a P/E/G ratio of 2.51 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a one year low of $71.12 and a one year high of $140.72.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $5.85 billion. During the same quarter in the previous year, the firm earned $2.17 EPS. Equities research analysts expect that 3M will post 7.22 EPS for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.04%. 3M’s dividend payout ratio is currently -22.01%.

3M Company 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.