Schmidt P J Investment Management Inc. Sells 494 Shares of 3M Co (NYSE:MMM)

Schmidt P J Investment Management Inc. reduced its position in 3M Co (NYSE:MMM) by 9.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,748 shares of the conglomerate’s stock after selling 494 shares during the period. Schmidt P J Investment Management Inc.’s holdings in 3M were worth $823,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Creative Financial Designs Inc. ADV lifted its stake in 3M by 202.0% during the 1st 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. Weaver Consulting Group bought a new position in 3M during the 1st quarter valued at $32,000. Cordasco Financial Network lifted its stake in 3M by 220.0% during the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock valued at $33,000 after acquiring an additional 110 shares in the last quarter. Capital Financial Planning LLC bought a new position in 3M during the 4th quarter valued at $34,000. Finally, Arcus Capital Partners LLC bought a new position in 3M during the 2nd quarter valued at $35,000. Institutional investors own 66.98% of the company’s stock.

In other 3M news, Director Gregory R. Page bought 1,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was purchased at an average cost of $179.60 per share, with a total value of $179,600.00. Following the transaction, the director now directly owns 3,000 shares in the company, valued at approximately $538,800. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David B. Dillon bought 1,200 shares of the firm’s stock in a transaction dated Friday, May 17th. The shares were acquired 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 owns 1,200 shares in the company, valued at $203,400. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 3,200 shares of company stock valued at $559,260. Insiders own 0.83% of the company’s stock.

MMM has been the topic of several recent analyst reports. Wolfe Research set a $174.00 price objective on 3M and gave the company a “sell” rating in a research note on Friday, April 26th. Deutsche Bank dropped their price objective on 3M from $188.00 to $183.00 and set a “hold” rating on the stock in a research note on Friday, April 26th. Citigroup dropped their price objective on 3M from $221.00 to $197.00 and set a “buy” rating on the stock in a research note on Monday, June 3rd. Gordon Haskett cut 3M from a “buy” rating to a “hold” rating and set a $191.98 price objective on the stock. in a research note on Monday, April 29th. Finally, Credit Suisse Group raised their price objective on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. 3M presently has an average rating of “Hold” and an average target price of $182.77.

Shares of 3M stock traded down $5.07 during trading hours on Monday, hitting $165.48. 1,357,742 shares of the company’s stock traded hands, compared to its average volume of 3,006,408. 3M Co has a 12-month low of $159.32 and a 12-month high of $219.75. The stock has a market capitalization of $95.99 billion, a PE ratio of 15.82, a price-to-earnings-growth ratio of 1.79 and a beta of 1.09. The stock’s fifty day moving average is $172.71. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34.

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

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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