Financial Gravity Asset Management Inc. Sells 2,966 Shares of 3M (NYSE:MMM)

Financial Gravity Asset Management Inc. decreased its holdings in 3M (NYSE:MMMGet Rating) by 68.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,385 shares of the conglomerate’s stock after selling 2,966 shares during the period. Financial Gravity Asset Management Inc.’s holdings in 3M were worth $153,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Renaissance Technologies LLC lifted its position in shares of 3M by 1,889.1% in the first quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock worth $201,971,000 after buying an additional 1,288,400 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in 3M by 7.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 11,315,417 shares of the conglomerate’s stock valued at $1,684,639,000 after buying an additional 758,126 shares during the period. Van ECK Associates Corp raised its stake in shares of 3M by 93.5% in the second quarter. Van ECK Associates Corp now owns 1,307,003 shares of the conglomerate’s stock valued at $169,139,000 after acquiring an additional 631,426 shares during the period. Pictet Asset Management SA raised its position in 3M by 54.5% in the 2nd quarter. Pictet Asset Management SA now owns 1,283,467 shares of the conglomerate’s stock worth $166,093,000 after purchasing an additional 452,482 shares during the period. Finally, Great West Life Assurance Co. Can purchased a new stake in shares of 3M in the third quarter worth approximately $49,856,000. 65.61% of the stock is currently owned by institutional investors.

Insider Transactions at 3M

In other news, EVP Kevin H. Rhodes sold 5,703 shares of the company’s stock in a transaction on Friday, October 28th. The shares were sold at an average price of $126.40, for a total value of $720,859.20. Following the sale, the executive vice president now directly owns 2,033 shares of the company’s stock, valued at approximately $256,971.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Kevin H. Rhodes sold 5,703 shares of the stock in a transaction on Friday, October 28th. The shares were sold at an average price of $126.40, for a total transaction of $720,859.20. Following the sale, the executive vice president now directly owns 2,033 shares of the company’s stock, valued at $256,971.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Rodriguez Beatriz Karin Chavez sold 1,071 shares of 3M stock in a transaction on Friday, October 28th. The shares were sold at an average price of $126.28, for a total transaction of $135,245.88. Following the completion of the transaction, the senior vice president now directly owns 3,313 shares of the company’s stock, valued at approximately $418,365.64. The disclosure for this sale can be found here. Company insiders own 0.39% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Citigroup lifted their price objective on shares of 3M from $117.00 to $126.00 and gave the company a “neutral” rating in a report on Friday, December 9th. Barclays reduced their price objective on 3M from $137.00 to $130.00 and set an “underweight” rating on the stock in a report on Monday, October 3rd. Royal Bank of Canada upped their target price on 3M from $107.00 to $113.00 and gave the stock an “underperform” rating in a report on Wednesday, October 26th. The Goldman Sachs Group dropped their price target on 3M from $149.00 to $129.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 11th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of 3M from $126.00 to $127.00 in a research note on Wednesday, October 26th. Three research analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. According to data from MarketBeat.com, 3M currently has an average rating of “Hold” and an average target price of $133.79.

3M Stock Performance

Shares of 3M stock opened at $122.62 on Tuesday. The company has a 50 day moving average price of $124.89 and a 200 day moving average price of $126.29. The firm has a market capitalization of $67.78 billion, a P/E ratio of 10.68, a PEG ratio of 1.25 and a beta of 1.00. The company has a quick ratio of 0.97, a current ratio of 1.56 and a debt-to-equity ratio of 0.98. 3M has a 52 week low of $107.07 and a 52 week high of $175.25.

3M (NYSE:MMMGet Rating) last posted its quarterly earnings results on Tuesday, October 25th. The conglomerate reported $2.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.61 by $0.08. The business had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.70 billion. 3M had a net margin of 18.91% and a return on equity of 40.03%. The business’s quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter last year, the company posted $2.45 earnings per share. Sell-side analysts expect that 3M will post 10.17 EPS for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 12th. Shareholders of record on Friday, November 18th were paid a dividend of $1.49 per share. The ex-dividend date was Thursday, November 17th. This represents a $5.96 annualized dividend and a yield of 4.86%. 3M’s payout ratio is presently 51.92%.

3M Profile

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3M Co is a technology company, which manufactures industrial, safety, and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

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

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