MainStreet Investment Advisors LLC Has $8.44 Million Stock Holdings in 3M (NYSE:MMM)


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MainStreet Investment Advisors LLC lessened its holdings in 3M (NYSE:MMM) by 5.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 48,262 shares of the conglomerate’s stock after selling 3,011 shares during the period. MainStreet Investment Advisors LLC’s holdings in 3M were worth $8,435,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Summit Asset Management LLC grew its stake in 3M by 3.1% during the fourth quarter. Summit Asset Management LLC now owns 4,026 shares of the conglomerate’s stock worth $704,000 after buying an additional 120 shares during the last quarter. Blair William & Co. IL grew its stake in shares of 3M by 8.1% during the fourth quarter. Blair William & Co. IL now owns 251,629 shares of the conglomerate’s stock valued at $43,982,000 after purchasing an additional 18,791 shares during the last quarter. OmniStar Financial Group Inc. lifted its holdings in 3M by 12.0% in the fourth quarter. OmniStar Financial Group Inc. now owns 4,600 shares of the conglomerate’s stock valued at $804,000 after buying an additional 492 shares during the period. CI Investments Inc. lifted its holdings in 3M by 130.2% in the fourth quarter. CI Investments Inc. now owns 26,705 shares of the conglomerate’s stock valued at $4,668,000 after buying an additional 15,106 shares during the period. Finally, Vectors Research Management LLC lifted its holdings in 3M by 10.0% in the fourth quarter. Vectors Research Management LLC now owns 5,364 shares of the conglomerate’s stock valued at $938,000 after buying an additional 489 shares during the period. 64.68% of the stock is owned by hedge funds and other institutional investors.

MMM has been the topic of several analyst reports. Bank of America lowered shares of 3M from a “neutral” rating to an “underperform” rating and set a $170.00 price objective on the stock. in a report on Thursday, January 7th. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $196.00 price objective on the stock in a report on Thursday, January 28th. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and set a $205.00 price objective on the stock in a report on Wednesday, January 27th. William Blair reiterated a “market perform” rating on shares of 3M in a report on Tuesday, October 27th. Finally, Morgan Stanley increased their target price on shares of 3M from $176.00 to $188.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 12th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $180.23.

In related news, EVP Khandpur K. Ashish sold 5,760 shares of the firm’s stock in a transaction on Thursday, December 17th. The shares were sold at an average price of $176.44, for a total value of $1,016,294.40. Following the completion of the transaction, the executive vice president now owns 21,719 shares of the company’s stock, valued at $3,832,100.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael G. Vale sold 30,875 shares of the firm’s stock in a transaction on Friday, January 29th. The shares were sold at an average price of $175.53, for a total transaction of $5,419,488.75. Following the completion of the transaction, the executive vice president now directly owns 79,155 shares of the company’s stock, valued at approximately $13,894,077.15. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,904 shares of company stock worth $7,514,868. 0.42% of the stock is currently owned by company insiders.

Shares of NYSE:MMM traded down $1.35 during midday trading on Tuesday, reaching $174.77. 24,440 shares of the company were exchanged, compared to its average volume of 3,009,451. 3M has a fifty-two week low of $114.04 and a fifty-two week high of $187.27. The company has a quick ratio of 1.37, a current ratio of 1.90 and a debt-to-equity ratio of 1.54. The stock has a fifty day simple moving average of $173.52 and a two-hundred day simple moving average of $169.25. The firm has a market cap of $101.21 billion, a PE ratio of 20.62, a P/E/G ratio of 1.85 and a beta of 0.92.

3M (NYSE:MMM) last issued its quarterly earnings data on Monday, January 25th. The conglomerate reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.23. 3M had a net margin of 15.65% and a return on equity of 44.77%. The business had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.39 billion. During the same period last year, the business posted $2.15 earnings per share. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. As a group, analysts forecast that 3M will post 8.56 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 12th. Investors of record on Friday, February 12th will be issued a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.39%. This is a positive change from 3M’s previous quarterly dividend of $1.47. The ex-dividend date of this dividend is Thursday, February 11th. 3M’s dividend payout ratio (DPR) is presently 65.05%.

3M Company Profile

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

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

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