3M Company $MMM Stock Holdings Cut by Parsifal Capital Management LP

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 reduced its position in shares of 3M Company (NYSE:MMM - Free Report) by 22.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 644,594 shares of the conglomerate's stock after selling 185,292 shares during the quarter. 3M makes up about 8.2% of Parsifal Capital Management LP's holdings, making the stock its 3rd biggest holding. Parsifal Capital Management LP owned about 0.12% of 3M worth $94,665,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd purchased a new position in shares of 3M in the first quarter valued at about $28,000. WPG Advisers LLC purchased a new stake in shares of 3M during the first quarter worth about $28,000. REAP Financial Group LLC boosted its holdings in shares of 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after purchasing an additional 94 shares during the period. Curat Global LLC purchased a new stake in shares of 3M during the first quarter worth about $29,000. Finally, Saudi Central Bank purchased a new stake in shares of 3M during the first quarter worth about $31,000. 65.25% of the stock is currently owned by institutional investors.

3M Stock Down 0.7%

Shares of NYSE MMM traded down $1.01 on Tuesday, reaching $152.99. 1,669,176 shares of the company's stock traded hands, compared to its average volume of 2,776,804. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15. The business's 50 day simple moving average is $153.81 and its two-hundred day simple moving average is $147.75. The company has a market cap of $81.49 billion, a price-to-earnings ratio of 21.28, a price-to-earnings-growth ratio of 2.80 and a beta of 1.04. 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 posted its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.15. The firm had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%.3M's quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.93 EPS. As a group, equities research analysts forecast that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.9%. The ex-dividend date is Monday, August 25th. 3M's dividend payout ratio (DPR) is presently 40.61%.

Insider Activity

In related news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction dated 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 sale, the chief accounting officer directly owned 2,561 shares in the company, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of the sale, the insider directly owned 2,900 shares of the company's stock, valued at approximately $435,522. This trade represents a 68.01% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

Analyst Ratings Changes

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

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.