Electron Capital Partners LLC Has $143.17 Million Stake in 3M Company $MMM

Key Points

• Electron Capital Partners LLC sold 64,226 shares of 3M, reducing its holdings by 6.2%, leaving them with 974,887 shares, which represent 9.4% of their portfolio.
• Several institutional investors increased their stakes in 3M during the first quarter, enhancing overall institutional ownership to 65.25% of the company's stock.
• 3M recently reported earnings of $2.16 EPS, exceeding expectations, and announced a quarterly dividend of $0.73 per share, reflecting a 1.9% yield for investors.

Electron Capital Partners LLC decreased its position in shares of 3M Company (NYSE:MMM - Free Report) by 6.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 974,887 shares of the conglomerate's stock after selling 64,226 shares during the quarter. 3M comprises approximately 9.4% of Electron Capital Partners LLC's investment portfolio, making the stock its largest position. Electron Capital Partners LLC owned approximately 0.18% of 3M worth $143,172,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new position in 3M during the 1st quarter worth approximately $28,000. WPG Advisers LLC bought a new position in 3M during the 1st quarter worth approximately $28,000. REAP Financial Group LLC grew its position in shares of 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after buying an additional 94 shares during the period. Curat Global LLC bought a new stake in shares of 3M in the 1st quarter valued at $29,000. Finally, Saudi Central Bank bought a new stake in shares of 3M in the 1st quarter valued at $31,000. Institutional investors own 65.25% of the company's stock.

Wall Street Analyst Weigh In

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

3M Stock Down 0.1%

Shares of MMM traded down $0.23 during trading hours on Friday, reaching $155.29. The stock had a trading volume of 2,052,950 shares, compared to its average volume of 2,824,897. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15. The firm has a 50-day simple moving average of $153.80 and a 200 day simple moving average of $147.67. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The company has a market capitalization of $82.71 billion, a price-to-earnings ratio of 21.60, a P/E/G ratio of 3.00 and a beta of 1.04.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. The business 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 period in the prior year, the firm posted $1.93 EPS. Equities research analysts predict that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

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

Insider Buying and Selling at 3M

In other news, CAO Theresa E. Reinseth sold 3,477 shares of the company'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 completion of the sale, the chief accounting officer owned 2,561 shares in the company, valued at $385,763.43. This represents a 57.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's 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 completion of the transaction, the insider owned 2,900 shares of the company's stock, valued at $435,522. This trade represents a 68.01% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

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.