Folger Nolan Fleming Douglas Capital Management Inc. Lowers Stock Position in 3M (NYSE:MMM)

Folger Nolan Fleming Douglas Capital Management Inc. reduced its stake in 3M (NYSE:MMM) by 12.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,174 shares of the conglomerate’s stock after selling 1,582 shares during the quarter. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in 3M were worth $1,641,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. REAP Financial Group LLC raised its stake in 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 94 shares in the last quarter. Curat Global LLC purchased a new stake in 3M in the first quarter valued at approximately $29,000. Hazlett Burt & Watson Inc. purchased a new stake in 3M in the fourth quarter valued at approximately $27,000. Pinney & Scofield Inc. purchased a new stake in 3M in the fourth quarter valued at approximately $28,000. Finally, Meeder Asset Management Inc. raised its stake in 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock valued at $40,000 after purchasing an additional 214 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

NYSE:MMM opened at $144.60 on Friday. The stock has a market cap of $77.82 billion, a P/E ratio of 19.15, a price-to-earnings-growth ratio of 3.30 and a beta of 1.03. The firm’s fifty day simple moving average is $141.94 and its 200 day simple moving average is $141.71. 3M has a twelve month low of $98.26 and a twelve month high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.11. The business had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. As a group, research analysts predict that 3M will post 7.8 EPS for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.02%. 3M’s dividend payout ratio (DPR) is currently 36.87%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MMM. JPMorgan Chase & Co. increased their price target on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Barclays increased their price target on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, April 23rd. Bank of America increased their price target on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Royal Bank of Canada increased their price target on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Finally, Citigroup increased their price target on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research report on Friday, May 30th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $153.46.

Insider Activity at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the firm’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the transaction, the executive vice president now owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the firm’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president now directly owns 31,372 shares of the company’s stock, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.