Texas Yale Capital Corp. Cuts Stock Holdings in 3M Co (NYSE:MMM)

Texas Yale Capital Corp. trimmed its stake in shares of 3M Co (NYSE:MMM) by 50.2% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 24,930 shares of the conglomerate’s stock after selling 25,102 shares during the period. Texas Yale Capital Corp.’s holdings in 3M were worth $4,321,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Creative Financial Designs Inc. ADV grew its stake in 3M by 202.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 101 shares in the last quarter. Cordasco Financial Network grew its stake in shares of 3M by 220.0% in the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock worth $33,000 after buying an additional 110 shares in the last quarter. Capital Financial Planning LLC purchased a new position in shares of 3M in the 4th quarter worth $34,000. Meridian Wealth Management LLC purchased a new position in shares of 3M in the 1st quarter worth $38,000. Finally, Lake Point Wealth Management purchased a new position in shares of 3M in the 4th quarter worth $37,000. 66.84% of the stock is owned by institutional investors.

In related news, insider Joaquin Delgado sold 5,400 shares of 3M stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $169.68, for a total transaction of $916,272.00. Following the completion of the sale, the insider now owns 28,092 shares in the company, valued at approximately $4,766,650.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory R. Page acquired 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were bought at an average price of $176.26 per share, with a total value of $176,260.00. Following the acquisition, the director now directly owns 4,000 shares in the company, valued at $705,040. The disclosure for this purchase can be found here. Insiders have purchased a total of 3,200 shares of company stock valued at $559,260 in the last quarter. 0.83% of the stock is currently owned by company insiders.

A number of brokerages have commented on MMM. Deutsche Bank dropped their price objective on shares of 3M from $188.00 to $183.00 and set a “hold” rating for the company in a research note on Friday, April 26th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $183.00 price objective for the company in a research note on Monday, July 29th. Citigroup dropped their price objective on shares of 3M from $221.00 to $197.00 and set a “buy” rating for the company in a research note on Monday, June 3rd. JPMorgan Chase & Co. dropped their price objective on shares of 3M from $154.00 to $143.00 and set an “underweight” rating for the company in a research note on Friday, May 17th. Finally, Gordon Haskett cut shares of 3M from a “buy” rating to a “hold” rating and set a $191.98 price objective for the company. in a research note on Monday, April 29th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $182.77.

Shares of 3M stock traded down $2.81 during trading on Friday, hitting $170.55. The stock had a trading volume of 2,422,970 shares, compared to its average volume of 3,006,408. The company has a fifty day simple moving average of $172.71. The firm has a market capitalization of $99.73 billion, a PE ratio of 16.30, a PEG ratio of 1.82 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 12 month low of $159.32 and a 12 month high of $219.75.

3M (NYSE:MMM) last released its earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.16. The firm had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.10 billion. 3M had a net margin of 15.27% and a return on equity of 55.05%. The business’s revenue was down 2.6% on a year-over-year basis. During the same quarter last year, the business earned $2.59 EPS. Analysts forecast that 3M Co will post 9.35 earnings per share for the current year.

About 3M

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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