3M (NYSE:MMM) Shares Sold by Mogy Joel R Investment Counsel Inc.

Mogy Joel R Investment Counsel Inc. lessened its stake in shares of 3M (NYSE:MMM) by 58.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,303 shares of the conglomerate’s stock after selling 3,200 shares during the quarter. Mogy Joel R Investment Counsel Inc.’s holdings in 3M were worth $252,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of 3M by 15.4% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock worth $10,391,000 after purchasing an additional 14,775 shares during the last quarter. Shoker Investment Counsel Inc. boosted its holdings in shares of 3M by 49.7% during the third quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock worth $1,568,000 after purchasing an additional 5,561 shares during the last quarter. Diversified Trust Co boosted its holdings in shares of 3M by 1.4% during the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after purchasing an additional 263 shares during the last quarter. MWA Asset Management acquired a new stake in shares of 3M during the fourth quarter worth $1,723,000. Finally, Canada Pension Plan Investment Board purchased a new position in shares of 3M in the 3rd quarter worth $11,908,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Royal Bank of Canada cut their target price on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 2nd. StockNews.com raised 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Bank of America cut their target price on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 2nd. Mizuho reaffirmed a “neutral” rating and issued a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. Finally, Wells Fargo & Company cut their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $104.00.

Insider Transactions at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.34% of the company’s stock.

3M Stock Up 0.5 %

Shares of NYSE MMM traded up $0.42 during midday trading on Friday, reaching $91.83. 4,520,901 shares of the company’s stock were exchanged, compared to its average volume of 4,283,067. 3M has a 52-week low of $71.12 and a 52-week high of $95.67. The stock has a market capitalization of $50.82 billion, a PE ratio of -7.27, a price-to-earnings-growth ratio of 1.73 and a beta of 1.02. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The business’s fifty day moving average price is $95.71 and its two-hundred day moving average price is $97.37.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same period in the previous year, the company earned $2.28 earnings per share. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. Analysts forecast that 3M will post 8.19 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.58%. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is presently -47.82%.

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.