Welch & Forbes LLC Has $32.10 Million Stock Position in 3M Co (NYSE:MMM)

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Welch & Forbes LLC trimmed its holdings in shares of 3M Co (NYSE:MMM) by 2.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 195,262 shares of the conglomerate’s stock after selling 4,316 shares during the period. Welch & Forbes LLC’s holdings in 3M were worth $32,101,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of MMM. Daiwa Securities Group Inc. raised its position in 3M by 1.4% during the first quarter. Daiwa Securities Group Inc. now owns 47,202 shares of the conglomerate’s stock valued at $9,807,000 after buying an additional 660 shares during the period. Farmers & Merchants Investments Inc. increased its position in 3M by 0.4% in the 1st quarter. Farmers & Merchants Investments Inc. now owns 36,037 shares of the conglomerate’s stock worth $7,488,000 after purchasing an additional 141 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in 3M by 3.1% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 235,969 shares of the conglomerate’s stock worth $49,030,000 after purchasing an additional 7,014 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in 3M by 23.1% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 218,150 shares of the conglomerate’s stock worth $45,327,000 after purchasing an additional 40,999 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its position in 3M by 27.4% in the 1st quarter. Quadrant Capital Group LLC now owns 8,536 shares of the conglomerate’s stock worth $1,752,000 after purchasing an additional 1,834 shares during the last quarter. 66.77% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE MMM traded up $7.14 during mid-day trading on Friday, reaching $159.45. 2,983,250 shares of the company traded hands, compared to its average volume of 2,765,893. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. The stock has a market cap of $86.72 billion, a PE ratio of 15.24, a price-to-earnings-growth ratio of 1.70 and a beta of 1.11. The company’s fifty day moving average is $161.81 and its two-hundred day moving average is $175.86. 3M Co has a fifty-two week low of $150.58 and a fifty-two week high of $219.75.

3M (NYSE:MMM) last issued its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, beating the Zacks’ 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 firm’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.59 EPS. Research analysts forecast that 3M Co will post 9.32 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Friday, August 16th were issued a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date of this dividend was Thursday, August 15th. 3M’s dividend payout ratio is 55.07%.

Several research analysts have weighed in on the company. Credit Suisse Group upped their target price on 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. They noted that the move was a valuation call. JPMorgan Chase & Co. upped their target price on 3M from $140.00 to $143.00 and gave the stock an “underweight” rating in a research report on Thursday. UBS Group dropped their target price on 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. Morgan Stanley dropped their target price on 3M from $177.00 to $173.00 and set an “equal weight” rating on the stock in a research report on Friday, September 27th. Finally, Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $183.00 target price on the stock in a research report on Monday, July 29th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. 3M presently has a consensus rating of “Hold” and a consensus price target of $182.15.

In other news, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the transaction, the insider now owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.83% of the company’s stock.

3M 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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