Cornercap Investment Counsel Inc. trimmed its stake in shares of 3M Co (NYSE:MMM) by 3.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,760 shares of the conglomerate’s stock after selling 690 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in 3M were worth $2,561,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the business. Convergence Investment Partners LLC raised its position in shares of 3M by 4.4% during the 4th quarter. Convergence Investment Partners LLC now owns 1,414 shares of the conglomerate’s stock worth $249,000 after buying an additional 60 shares in the last quarter. Cornell Pochily Investment Advisors Inc. raised its position in shares of 3M by 0.7% during the 4th quarter. Cornell Pochily Investment Advisors Inc. now owns 8,595 shares of the conglomerate’s stock worth $1,516,000 after buying an additional 61 shares in the last quarter. Successful Portfolios LLC raised its position in shares of 3M by 1.8% during the 4th quarter. Successful Portfolios LLC now owns 3,752 shares of the conglomerate’s stock worth $662,000 after buying an additional 65 shares in the last quarter. Whitnell & Co. raised its position in shares of 3M by 0.7% during the 4th quarter. Whitnell & Co. now owns 9,187 shares of the conglomerate’s stock worth $1,621,000 after buying an additional 68 shares in the last quarter. Finally, Tsfg LLC raised its position in shares of 3M by 52.7% during the 1st quarter. Tsfg LLC now owns 200 shares of the conglomerate’s stock worth $27,000 after buying an additional 69 shares in the last quarter. Institutional investors own 67.67% of the company’s stock.
Shares of 3M stock remained flat at $$145.82 on Friday. 1,432,408 shares of the stock were exchanged, compared to its average volume of 4,019,081. The business has a fifty day moving average price of $144.97 and a 200-day moving average price of $159.07. The company has a current ratio of 1.65, a quick ratio of 1.19 and a debt-to-equity ratio of 1.94. 3M Co has a twelve month low of $114.04 and a twelve month high of $187.72. The company has a market capitalization of $86.10 billion, a PE ratio of 17.12, a P/E/G ratio of 1.99 and a beta of 0.99.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 22nd will be paid a dividend of $1.47 per share. This represents a $5.88 annualized dividend and a yield of 4.03%. The ex-dividend date of this dividend is Thursday, May 21st. 3M’s payout ratio is currently 64.62%.
In other news, SVP Ty R. Silberhorn sold 14,623 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $146.46, for a total value of $2,141,684.58. Following the completion of the transaction, the senior vice president now owns 16,571 shares in the company, valued at approximately $2,426,988.66. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael F. Roman sold 7,894 shares of the company’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $148.70, for a total transaction of $1,173,837.80. Following the completion of the sale, the chief executive officer now directly owns 57,868 shares in the company, valued at approximately $8,604,971.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,184 shares of company stock valued at $5,930,874. Corporate insiders own 0.42% of the company’s stock.
A number of analysts have commented on the stock. Morgan Stanley boosted their price target on shares of 3M from $131.00 to $160.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Royal Bank of Canada boosted their price target on shares of 3M from $143.00 to $148.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 29th. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $133.00 target price on the stock in a report on Thursday, April 30th. Gordon Haskett downgraded shares of 3M from a “hold” rating to an “underperform” rating in a report on Monday, March 30th. Finally, Barclays boosted their target price on shares of 3M from $141.00 to $154.00 and gave the stock an “underweight” rating in a report on Wednesday, April 29th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $161.85.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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