Quarry LP Sells 13,065 Shares of 3M Company $MMM

Key Points

• Quarry LP has reduced its stake in 3M Company by 70% during the first quarter, resulting in ownership of 5,595 shares valued at approximately $822,000.
• Several institutional investors, including Nuveen LLC and Jennison Associates LLC, have changed their positions in 3M, with Jennison increasing its stake by 84.7% to a total of 842,174 shares.
• 3M reported earnings of $2.16 per share for the most recent quarter, surpassing estimates, and has declared a quarterly dividend of $0.73 to be paid on September 12th, yielding 1.9% annually.

Quarry LP reduced its holdings in 3M Company (NYSE:MMM - Free Report) by 70.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,595 shares of the conglomerate's stock after selling 13,065 shares during the period. Quarry LP's holdings in 3M were worth $822,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of MMM. Ensign Peak Advisors Inc raised its stake in shares of 3M by 29.2% during the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock worth $82,921,000 after purchasing an additional 145,146 shares in the last quarter. Financial Gravity Asset Management Inc. bought a new stake in 3M in the first quarter worth approximately $2,506,000. Synergy Asset Management LLC raised its holdings in shares of 3M by 122.7% during the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock valued at $663,000 after purchasing an additional 2,486 shares in the last quarter. Northstar Group Inc. acquired a new stake in shares of 3M in the 1st quarter valued at $262,000. Finally, Dynamic Advisor Solutions LLC acquired a new stake in shares of 3M in the 1st quarter valued at $786,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Stock Down 1.5%

NYSE:MMM traded down $2.36 during trading hours on Wednesday, reaching $151.91. 3,688,639 shares of the stock were exchanged, compared to its average volume of 2,786,095. The firm has a 50 day moving average of $153.56 and a 200 day moving average of $147.56. 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 twelve month low of $121.98 and a twelve month high of $164.15. The stock has a market cap of $80.91 billion, a PE ratio of 20.20, a PEG ratio of 3.01 and a beta of 1.04.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company's quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.93 EPS. On average, equities analysts expect that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

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

Insiders Place Their Bets

In related news, CAO Theresa E. Reinseth sold 3,477 shares of the 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 completion of the sale, the chief accounting officer directly owned 2,561 shares of the company's stock, valued at approximately $385,763.43. This represents a 57.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 0.48% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on MMM shares. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a report on Friday, July 18th. Citigroup boosted their price target on 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. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Saturday. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, 3M currently has a consensus rating of "Hold" and an average price target of $158.10.

3M Company 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.