3M Company $MMM Position Lessened by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. decreased its stake in 3M Company by 3.3% during the first quarter, owning 121,086 shares worth approximately $17.78 million.
• 3M recently reported quarterly earnings of $2.16 per share, which exceeded analysts' estimates, alongside a revenue of $6.16 billion.
• The company announced a quarterly dividend of $0.73, set to be paid on September 12th, reflecting a 1.9% dividend yield.

Corebridge Financial Inc. decreased its stake in 3M Company (NYSE:MMM - Free Report) by 3.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 121,086 shares of the conglomerate's stock after selling 4,071 shares during the period. Corebridge Financial Inc.'s holdings in 3M were worth $17,783,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. REAP Financial Group LLC lifted its holdings in shares of 3M by 88.7% in the 4th 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 last quarter. Pinney & Scofield Inc. bought a new stake in shares of 3M in the 4th quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of 3M in the 1st quarter worth approximately $28,000. Curat Global LLC bought a new stake in shares of 3M in the 1st quarter worth approximately $29,000. Finally, Intelligent Financial Strategies bought a new stake in shares of 3M in the 1st quarter worth approximately $42,000. Institutional investors own 65.25% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MMM. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Thursday, August 14th. Citigroup lifted their target price on 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 target price on 3M in a research note on Friday, July 18th. Barclays set a $170.00 target price on 3M in a research note on Friday, July 18th. Finally, Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $158.10.

Insiders Place Their Bets

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

3M Stock Performance

Shares of NYSE MMM opened at $155.91 on Tuesday. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The stock has a market capitalization of $83.04 billion, a price-to-earnings ratio of 21.68, a PEG ratio of 3.07 and a beta of 1.05. The stock's fifty day simple moving average is $152.22 and its 200 day simple moving average is $147.27. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15.

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

3M Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 1.9%. 3M's payout ratio is 40.61%.

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.

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