Valley National Advisers Inc. Cuts Stock Position in 3M (NYSE:MMM)

Valley National Advisers Inc. decreased its holdings in 3M (NYSE:MMM) by 21.9% in the third quarter, HoldingsChannel.com reports. The fund owned 828 shares of the conglomerate’s stock after selling 232 shares during the quarter. Valley National Advisers Inc.’s holdings in 3M were worth $113,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Capital World Investors purchased a new position in 3M during the first quarter valued at $165,986,000. International Assets Investment Management LLC grew its position in shares of 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after purchasing an additional 1,250,491 shares in the last quarter. National Bank of Canada FI increased its holdings in shares of 3M by 218.3% in the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after purchasing an additional 1,021,440 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of 3M by 1,015.6% in the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after purchasing an additional 808,914 shares during the last quarter. Finally, Electron Capital Partners LLC bought a new position in 3M during the second quarter valued at approximately $76,732,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. 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 report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Citigroup upped 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. Barclays lifted their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Bank of America upped their price objective on 3M from $143.00 to $160.00 and gave the company 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 issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, 3M has a consensus rating of “Hold” and a consensus target price of $139.27.

3M Trading Up 4.4 %

NYSE MMM opened at $130.28 on Tuesday. The stock has a market cap of $72.09 billion, a PE ratio of -10.24, a PEG ratio of 2.42 and a beta of 0.95. 3M has a 12 month low of $73.15 and a 12 month high of $141.34. The company’s 50-day moving average price is $133.07 and its 200-day moving average price is $114.44. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the firm earned $2.68 EPS. The company’s revenue for the quarter was down 24.3% compared to the same quarter last year. Equities research analysts forecast that 3M will post 7.26 earnings per share for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Insiders Place Their Bets

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the company’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 transaction of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

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.