Parsifal Capital Management LP Sells 185,292 Shares of 3M Company $MMM

Key Points

• Parsifal Capital Management LP reduced its stake in 3M Company by 22.3% during Q1, now holding approximately 644,594 shares, making 3M its 3rd largest position.
• 3M reported a quarterly EPS of $2.16, exceeding estimates, and a revenue of $6.16 billion, reflecting a year-over-year growth.
• The company declared a quarterly dividend of $0.73, with a yield of 1.9%, to be paid on September 12th.

Parsifal Capital Management LP lessened its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 22.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 644,594 shares of the conglomerate's stock after selling 185,292 shares during the period. 3M comprises approximately 8.2% of Parsifal Capital Management LP's investment portfolio, making the stock its 3rd biggest position. Parsifal Capital Management LP owned 0.12% of 3M worth $94,665,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. REAP Financial Group LLC grew its position in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after acquiring an additional 94 shares during the last quarter. Pinney & Scofield Inc. purchased a new stake in shares of 3M during the fourth quarter valued at $28,000. Caitong International Asset Management Co. Ltd purchased a new position in 3M in the 1st quarter worth about $28,000. WPG Advisers LLC bought a new stake in 3M during the 1st quarter valued at about $28,000. Finally, Curat Global LLC purchased a new stake in 3M in the 1st quarter valued at about $29,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the sale, the insider owned 2,900 shares in the company, valued at approximately $435,522. This represents a 68.01% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

Analyst Ratings Changes

MMM has been the subject of a number of research analyst reports. Barclays set a $170.00 target price on 3M in a research report on Friday, July 18th. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Citigroup upped their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Saturday, August 30th. Finally, JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a report on Friday, July 18th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $161.78.

3M Stock Performance

NYSE:MMM traded up $5.67 during trading hours on Thursday, hitting $159.24. 3,588,474 shares of the company were exchanged, compared to its average volume of 3,746,269. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15. The stock has a market capitalization of $84.82 billion, a price-to-earnings ratio of 22.15, a PEG ratio of 2.78 and a beta of 1.04. The company's 50 day moving average price is $153.80 and its 200-day moving average price is $147.79.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share 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 business had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter in the previous year, the business earned $1.93 EPS. The company's quarterly revenue was up 1.4% compared to the same quarter last year. As a group, research analysts forecast that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Monday, August 25th. 3M's dividend payout ratio (DPR) is currently 40.61%.

3M 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.