1834 Investment Advisors Co. Sells 2,673 Shares of 3M Company (NYSE:MMM)

Key Points

• 1834 Investment Advisors Co. reduced its holdings in 3M Company by 30.4%, selling 2,673 shares and leaving them with a total of 6,134 shares valued at approximately $901,000.
• Insider selling activity included EVP John Patrick Banovetz, who sold 7,759 shares worth over $1.15 million, reflecting a 19.83% decrease in his ownership stake.
• 3M recently reported earnings of $2.16 EPS, surpassing estimates, and announced a quarterly dividend of $0.73 per share, yielding approximately 1.9%.

1834 Investment Advisors Co. lessened its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 30.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,134 shares of the conglomerate's stock after selling 2,673 shares during the period. 1834 Investment Advisors Co.'s holdings in 3M were worth $901,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MMM. REAP Financial Group LLC increased its stake in shares of 3M by 88.7% during 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. Pinney & Scofield Inc. purchased a new stake in 3M during the 4th quarter valued at $28,000. Curat Global LLC purchased a new position in shares of 3M in the first quarter worth $29,000. Intelligent Financial Strategies purchased a new stake in shares of 3M during the first quarter valued at $42,000. Finally, Investment Management Corp VA ADV increased its holdings in 3M by 173.6% in the 1st quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate's stock worth $44,000 after buying an additional 191 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president owned 31,372 shares in the company, valued at $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at approximately $385,763.43. The trade was a 57.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,151 shares of company stock worth $2,854,437. 0.34% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on MMM shares. Barclays set a $170.00 target price on shares of 3M in a research note on Friday, July 18th. Royal Bank Of Canada lifted their target price on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Citigroup boosted their target price on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a report on Friday, July 18th. Finally, Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $158.10.

3M Price Performance

Shares of 3M stock opened at $150.99 on Thursday. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. The stock has a 50 day moving average price of $149.84 and a 200-day moving average price of $146.86. The stock has a market cap of $80.42 billion, a price-to-earnings ratio of 21.00, a price-to-earnings-growth ratio of 2.90 and a beta of 1.05. 3M Company has a one year low of $121.98 and a one year high of $164.15.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating the consensus estimate of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%. The company had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter in the prior year, the company posted $1.93 EPS. 3M's quarterly revenue was up 1.4% on a year-over-year basis. Equities analysts expect that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. 3M's dividend payout ratio (DPR) is 40.61%.

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.

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