Folger Nolan Fleming Douglas Capital Management Inc. Sells 1,639 Shares of 3M (NYSE:MMM)

Folger Nolan Fleming Douglas Capital Management Inc. reduced its position in 3M (NYSE:MMMGet Rating) by 7.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 20,371 shares of the conglomerate’s stock after selling 1,639 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in 3M were worth $2,636,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MMM. Norges Bank bought a new stake in 3M in the 4th quarter valued at about $596,325,000. State Street Corp increased its position in shares of 3M by 5.2% during the first quarter. State Street Corp now owns 32,590,721 shares of the conglomerate’s stock valued at $4,852,107,000 after buying an additional 1,610,785 shares during the period. Renaissance Technologies LLC increased its position in shares of 3M by 1,889.1% during the first quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock valued at $201,971,000 after buying an additional 1,288,400 shares during the period. BlackRock Inc. increased its position in shares of 3M by 2.8% during the first quarter. BlackRock Inc. now owns 42,996,030 shares of the conglomerate’s stock valued at $6,401,249,000 after buying an additional 1,185,844 shares during the period. Finally, Verity Asset Management Inc. increased its position in shares of 3M by 18,711.0% during the first quarter. Verity Asset Management Inc. now owns 854,962 shares of the conglomerate’s stock valued at $666,000 after buying an additional 850,417 shares during the period. 64.90% of the stock is currently owned by institutional investors.

Insider Transactions at 3M

In other news, EVP Eric D. Hammes sold 3,145 shares of the business’s stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $147.31, for a total value of $463,289.95. Following the completion of the transaction, the executive vice president now directly owns 8,818 shares of the company’s stock, valued at approximately $1,298,979.58. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Eric D. Hammes sold 3,145 shares of the company’s stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $147.31, for a total transaction of $463,289.95. Following the transaction, the executive vice president now directly owns 8,818 shares of the company’s stock, valued at approximately $1,298,979.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Theresa E. Reinseth sold 795 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $143.32, for a total value of $113,939.40. Following the transaction, the chief accounting officer now directly owns 1,603 shares in the company, valued at $229,741.96. The disclosure for this sale can be found here. In the last three months, insiders sold 46,121 shares of company stock valued at $6,644,865. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MMM. Sanford C. Bernstein reiterated a “mkt perform” rating and set a $155.00 price target on shares of 3M in a research report on Wednesday, August 17th. Deutsche Bank Aktiengesellschaft dropped their price objective on 3M from $155.00 to $127.00 and set a “hold” rating for the company in a research note on Friday, September 9th. Citigroup increased their price objective on 3M from $136.00 to $145.00 and gave the company a “neutral” rating in a research note on Wednesday, July 27th. TheStreet downgraded 3M from a “b-” rating to a “c+” rating in a report on Wednesday, June 29th. Finally, Bank of America decreased their price objective on 3M from $165.00 to $140.00 in a report on Friday, September 2nd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $147.43.

3M Stock Down 1.9 %

NYSE MMM traded down $2.19 on Friday, reaching $111.95. 165,547 shares of the stock traded hands, compared to its average volume of 21,039,812. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.90 and a current ratio of 1.47. The company has a fifty day moving average price of $133.60 and a 200-day moving average price of $140.01. The company has a market cap of $63.77 billion, a price-to-earnings ratio of 15.66, a PEG ratio of 1.16 and a beta of 0.99. 3M has a 12 month low of $113.43 and a 12 month high of $186.30.

3M (NYSE:MMMGet Rating) last issued its earnings results on Tuesday, July 26th. The conglomerate reported $2.48 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.07. The business had revenue of $8.70 billion during the quarter, compared to analyst estimates of $8.70 billion. 3M had a return on equity of 39.11% and a net margin of 11.83%. 3M’s revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.59 EPS. As a group, research analysts forecast that 3M will post 10.42 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Monday, August 22nd were given a dividend of $1.49 per share. This represents a $5.96 dividend on an annualized basis and a yield of 5.32%. The ex-dividend date was Friday, August 19th. 3M’s dividend payout ratio (DPR) is presently 83.24%.

3M Company Profile

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3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

Further Reading

Institutional Ownership by Quarter for 3M (NYSE:MMM)

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