Mogy Joel R Investment Counsel Inc. Has $252,000 Position in 3M (NYSE:MMM)

Mogy Joel R Investment Counsel Inc. lowered its stake in 3M (NYSE:MMM) by 58.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,303 shares of the conglomerate’s stock after selling 3,200 shares during the period. Mogy Joel R Investment Counsel Inc.’s holdings in 3M were worth $252,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of 3M by 15.4% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock valued at $10,391,000 after purchasing an additional 14,775 shares in the last quarter. Shoker Investment Counsel Inc. grew its holdings in 3M by 49.7% during the 3rd quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock worth $1,568,000 after acquiring an additional 5,561 shares during the period. Diversified Trust Co grew its holdings in 3M by 1.4% during the 4th quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after acquiring an additional 263 shares during the period. MWA Asset Management acquired a new stake in 3M during the 4th quarter worth $1,723,000. Finally, Canada Pension Plan Investment Board acquired a new stake in 3M during the 3rd quarter worth $11,908,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Transactions at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.34% of the stock is owned by company insiders.

3M Stock Up 0.5 %

MMM traded up $0.42 during trading on Friday, hitting $91.83. The company had a trading volume of 4,520,901 shares, compared to its average volume of 4,283,067. The company has a market capitalization of $50.82 billion, a PE ratio of -7.27, a PEG ratio of 1.73 and a beta of 1.02. 3M has a one year low of $71.12 and a one year high of $95.67. The firm’s 50-day moving average price is $95.71 and its 200 day moving average price is $97.37. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The firm had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same period in the previous year, the business earned $2.28 EPS. The company’s revenue was down 1.1% compared to the same quarter last year. As a group, equities analysts expect that 3M will post 8.19 earnings per share for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a dividend of $1.51 per share. The ex-dividend date was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.58%. 3M’s payout ratio is currently -47.82%.

Analyst Upgrades and Downgrades

A number of analysts have commented on MMM shares. Citigroup lifted their target price on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Wells Fargo & Company lowered their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, January 24th. Royal Bank of Canada lowered their target price on shares of 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a report on Tuesday, April 2nd. JPMorgan Chase & Co. reduced their price target on shares of 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th. Finally, StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $104.00.

3M Company Profile

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.