Shelter Mutual Insurance Co Cuts Stock Position in 3M Co (NYSE:MMM)

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Shelter Mutual Insurance Co trimmed its stake in shares of 3M Co (NYSE:MMM) by 8.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 27,640 shares of the conglomerate’s stock after selling 2,620 shares during the period. Shelter Mutual Insurance Co’s holdings in 3M were worth $4,791,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MMM. Norges Bank purchased a new stake in 3M during the 4th quarter valued at approximately $918,305,000. Ronna Sue Cohen raised its stake in 3M by 20,703.2% during the 1st quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock valued at $2,685,000 after acquiring an additional 2,672,577 shares during the last quarter. Thoroughbred Financial Services LLC raised its stake in 3M by 17,524.1% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,680,806 shares of the conglomerate’s stock valued at $168,081,000 after acquiring an additional 1,671,269 shares during the last quarter. Geode Capital Management LLC raised its stake in 3M by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock valued at $1,410,584,000 after acquiring an additional 353,754 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI raised its stake in 3M by 93.8% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 479,142 shares of the conglomerate’s stock valued at $83,054,000 after acquiring an additional 231,847 shares during the last quarter. 67.55% of the stock is owned by hedge funds and other institutional investors.

NYSE:MMM traded down $0.34 during trading hours on Thursday, reaching $158.47. 133,771 shares of the company traded hands, compared to its average volume of 3,092,303. The firm’s 50-day simple moving average is $171.17. The stock has a market capitalization of $93.26 billion, a PE ratio of 15.12, a P/E/G ratio of 1.72 and a beta of 1.09. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. 3M Co has a 1-year low of $158.04 and a 1-year high of $219.75.

3M (NYSE:MMM) last issued its earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.16. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period last year, the company posted $2.59 EPS. As a group, sell-side analysts predict that 3M Co will post 9.29 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Friday, August 16th will be given a $1.44 dividend. This represents a $5.76 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend is Thursday, August 15th. 3M’s dividend payout ratio (DPR) is currently 55.07%.

In related news, Director David B. Dillon acquired 1,200 shares of the business’s stock in a transaction on Friday, May 17th. The shares were bought at an average cost of $169.50 per share, with a total value of $203,400.00. Following the completion of the transaction, the director now directly owns 1,200 shares of the company’s stock, valued at approximately $203,400. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joaquin Delgado sold 5,400 shares of the firm’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $169.68, for a total value of $916,272.00. Following the completion of the transaction, the insider now directly owns 28,092 shares in the company, valued at $4,766,650.56. The disclosure for this sale can be found here. Company insiders own 0.83% of the company’s stock.

Several analysts have commented on the company. Argus downgraded 3M from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Credit Suisse Group increased their target price on 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Citigroup lowered their price target on 3M from $221.00 to $197.00 and set a “buy” rating on the stock in a report on Monday, June 3rd. JPMorgan Chase & Co. lowered their price target on 3M from $143.00 to $140.00 and set an “underweight” rating on the stock in a report on Tuesday, August 6th. Finally, Gordon Haskett cut 3M from a “buy” rating to a “hold” rating and set a $191.98 price target on the stock. in a report on Monday, April 29th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $182.54.

3M Company Profile

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

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