3M Company (NYSE:MMM) Shares Sold by 1834 Investment Advisors Co.

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

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Deutsche Bank AG grew its holdings in shares of 3M by 10.0% during the 1st quarter. Deutsche Bank AG now owns 1,722,505 shares of the conglomerate's stock worth $252,967,000 after purchasing an additional 156,060 shares in the last quarter. Elgethun Capital Management raised its position in shares of 3M by 5.1% during the first quarter. Elgethun Capital Management now owns 7,230 shares of the conglomerate's stock worth $1,062,000 after acquiring an additional 352 shares during the last quarter. ASR Vermogensbeheer N.V. bought a new stake in shares of 3M during the first quarter worth $14,598,000. Citizens Financial Group Inc. RI raised its position in shares of 3M by 6.1% during the first quarter. Citizens Financial Group Inc. RI now owns 16,841 shares of the conglomerate's stock worth $2,473,000 after acquiring an additional 973 shares during the last quarter. Finally, Hemington Wealth Management grew its stake in shares of 3M by 14.0% during the first quarter. Hemington Wealth Management now owns 1,341 shares of the conglomerate's stock worth $196,000 after purchasing an additional 165 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Stock Performance

3M stock traded up $1.27 during trading on Monday, hitting $154.57. The stock had a trading volume of 783,049 shares, compared to its average volume of 3,853,013. The stock has a market cap of $82.33 billion, a price-to-earnings ratio of 21.51, a price-to-earnings-growth ratio of 2.97 and a beta of 1.05. The stock's 50 day moving average is $149.98 and its two-hundred day moving average is $146.94. 3M Company has a 1 year low of $121.98 and a 1 year high of $164.15. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87.

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

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid 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 is presently 40.61%.

Insider Activity at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president owned 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction dated Tuesday, August 5th. The shares were 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 of the company's stock, 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. Insiders have sold a total of 25,316 shares of company stock valued at $3,780,296 in the last quarter. 0.48% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

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.