Acadian Asset Management LLC Sells 68,877 Shares of 3M Company $MMM

Key Points

• Acadian Asset Management LLC significantly reduced its stake in 3M Company by 58.3%, owning 49,305 shares after selling 68,877 shares in the first quarter.
• The company reported $2.16 earnings per share for the last quarter, surpassing the consensus estimate of $2.01 and showing a 1.4% year-over-year revenue increase.
• 3M's average analyst rating is currently a "Moderate Buy" with an average target price of $161.78.

Acadian Asset Management LLC decreased its holdings in 3M Company (NYSE:MMM - Free Report) by 58.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 49,305 shares of the conglomerate's stock after selling 68,877 shares during the quarter. Acadian Asset Management LLC's holdings in 3M were worth $7,236,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. TCV Trust & Wealth Management Inc. boosted its position in shares of 3M by 1.1% in the 1st quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate's stock valued at $954,000 after purchasing an additional 73 shares during the period. Cahaba Wealth Management Inc. increased its position in shares of 3M by 1.4% in the first quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock worth $819,000 after acquiring an additional 75 shares in the last quarter. Altman Advisors Inc. increased its position in shares of 3M by 0.5% in the first quarter. Altman Advisors Inc. now owns 16,690 shares of the conglomerate's stock worth $2,318,000 after acquiring an additional 76 shares in the last quarter. NBT Bank N A NY increased its position in shares of 3M by 0.8% in the first quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock worth $1,431,000 after acquiring an additional 79 shares in the last quarter. Finally, Warwick Investment Management Inc. increased its position in shares of 3M by 2.3% in the first quarter. Warwick Investment Management Inc. now owns 3,573 shares of the conglomerate's stock worth $525,000 after acquiring an additional 80 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Insider Buying and Selling at 3M

In related news, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were 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 approximately $385,763.43. This trade represents a 57.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the sale, the insider owned 2,900 shares of the company's stock, valued at $435,522. This trade represents a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

3M Stock Down 0.8%

MMM traded down $1.31 during midday trading on Monday, hitting $156.56. 3,219,506 shares of the company's stock traded hands, compared to its average volume of 2,519,973. The company has a market cap of $83.39 billion, a PE ratio of 21.77, a price-to-earnings-growth ratio of 2.87 and a beta of 1.04. The stock's fifty day simple moving average is $154.15 and its 200-day simple moving average is $147.96. 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 one year low of $121.98 and a one year high of $164.15.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company's revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.93 earnings per share. As a group, equities analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Monday, August 25th were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Monday, August 25th. 3M's payout ratio is presently 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.