SP Asset Management Sells 1,025 Shares of 3M (NYSE:MMM)

SP Asset Management trimmed its holdings in 3M (NYSE:MMMGet Rating) by 6.7% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 14,180 shares of the conglomerate’s stock after selling 1,025 shares during the quarter. SP Asset Management’s holdings in 3M were worth $2,111,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MMM. BlackRock Inc. boosted its position in 3M by 0.4% in the fourth quarter. BlackRock Inc. now owns 41,810,186 shares of the conglomerate’s stock worth $7,426,745,000 after purchasing an additional 179,402 shares during the last quarter. State Street Corp increased its stake in shares of 3M by 1.5% in the fourth quarter. State Street Corp now owns 30,979,936 shares of the conglomerate’s stock worth $5,502,966,000 after purchasing an additional 450,546 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of 3M by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 10,780,080 shares of the conglomerate’s stock worth $1,910,601,000 after purchasing an additional 127,388 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of 3M by 3.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,557,291 shares of the conglomerate’s stock worth $1,875,293,000 after purchasing an additional 361,507 shares in the last quarter. Finally, Fisher Asset Management LLC grew its stake in 3M by 4.4% during the first quarter. Fisher Asset Management LLC now owns 6,032,149 shares of the conglomerate’s stock valued at $898,066,000 after acquiring an additional 255,448 shares in the last quarter. 67.22% of the stock is currently owned by institutional investors.

3M Trading Down 0.5 %

MMM stock traded down $0.71 during trading on Friday, hitting $147.41. The company had a trading volume of 4,187,422 shares, compared to its average volume of 3,359,350. The firm has a market capitalization of $83.96 billion, a P/E ratio of 20.59, a PEG ratio of 1.50 and a beta of 0.97. 3M has a 52-week low of $125.60 and a 52-week high of $202.77. The company has a 50 day simple moving average of $136.16 and a 200-day simple moving average of $146.39. The company has a quick ratio of 0.90, a current ratio of 1.47 and a debt-to-equity ratio of 1.01.

3M (NYSE:MMMGet Rating) last posted its quarterly earnings results on Tuesday, July 26th. The conglomerate reported $2.48 EPS for the quarter, topping the consensus estimate of $2.47 by $0.01. The company had revenue of $8.70 billion for the quarter, compared to the consensus estimate of $8.70 billion. 3M had a net margin of 11.83% and a return on equity of 39.11%. The firm’s revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.59 EPS. As a group, research analysts forecast that 3M will post 10.4 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, June 12th. Investors of record on Friday, May 20th were paid a $1.49 dividend. This represents a $5.96 annualized dividend and a yield of 4.04%. The ex-dividend date of this dividend was Thursday, May 19th. 3M’s dividend payout ratio is presently 83.24%.

Analysts Set New Price Targets

MMM has been the subject of several research analyst reports. Argus cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Thursday, April 28th. Wells Fargo & Company increased their price objective on shares of 3M from $137.00 to $144.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 27th. Morgan Stanley increased their price objective on shares of 3M from $126.00 to $131.00 and gave the company an “underweight” rating in a research report on Wednesday, July 27th. Jefferies Financial Group lowered their price objective on shares of 3M from $161.00 to $145.00 in a research report on Thursday, June 16th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of 3M from $146.00 to $148.00 and gave the company a “hold” rating in a research report on Wednesday, July 27th. Four analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $152.00.

Insider Buying and Selling

In related news, EVP Zoe L. Dickson sold 2,265 shares of the firm’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $144.40, for a total value of $327,066.00. Following the transaction, the executive vice president now owns 893 shares of the company’s stock, valued at approximately $128,949.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other 3M news, insider Michael G. Vale sold 36,771 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $143.26, for a total transaction of $5,267,813.46. Following the transaction, the insider now owns 65,321 shares of the company’s stock, valued at approximately $9,357,886.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Zoe L. Dickson sold 2,265 shares of the firm’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $144.40, for a total transaction of $327,066.00. Following the transaction, the executive vice president now directly owns 893 shares in the company, valued at approximately $128,949.20. The disclosure for this sale can be found here. Insiders have sold 41,465 shares of company stock valued at $5,956,664 in the last 90 days. Company insiders own 0.34% of the company’s stock.

3M Profile

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3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

See Also

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

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