3M Company $MMM Shares Sold by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC decreased its stake in 3M Company by 20.3%, selling 10,316 shares to hold 40,545 shares worth approximately $5.95 million.
• Multiple institutional investors, including Invesco Ltd. and Goldman Sachs Group Inc., have increased their positions in 3M Company, suggesting strong interest in the stock with 65.25% now owned by institutional investors.
• 3M's recent quarterly earnings surpassed analysts' expectations, reporting $2.16 earnings per share and $6.16 billion in revenue, indicating a 1.4% year-over-year revenue increase.

Rafferty Asset Management LLC decreased its position in 3M Company (NYSE:MMM - Free Report) by 20.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,545 shares of the conglomerate's stock after selling 10,316 shares during the quarter. Rafferty Asset Management LLC's holdings in 3M were worth $5,954,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in MMM. Nuveen LLC acquired a new position in 3M during the 1st quarter worth $235,020,000. J. Goldman & Co LP acquired a new position in 3M during the 4th quarter worth $63,471,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in 3M during the 4th quarter worth $51,289,000. Jennison Associates LLC boosted its position in 3M by 84.7% during the 1st quarter. Jennison Associates LLC now owns 842,174 shares of the conglomerate's stock worth $123,682,000 after acquiring an additional 386,093 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in 3M by 18.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,516,729 shares of the conglomerate's stock worth $369,530,000 after acquiring an additional 383,539 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Activity at 3M

In other news, CAO Theresa E. Reinseth sold 3,477 shares of the 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction 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 owned 2,900 shares in the company, valued at $435,522. The trade was 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 corporate insiders.

Analyst Upgrades and Downgrades

MMM has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Saturday. Barclays set a $170.00 target price on 3M in a research report on Friday, July 18th. Citigroup increased their price objective on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Finally, JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research report on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $158.10.

3M Price Performance

Shares of 3M stock traded down $1.36 during trading on Tuesday, hitting $154.17. The stock had a trading volume of 1,348,039 shares, compared to its average volume of 3,777,541. The business's 50-day moving average is $153.48 and its 200 day moving average is $147.52. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15. The firm has a market cap of $82.12 billion, a price-to-earnings ratio of 21.45, a P/E/G ratio of 3.01 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. During the same period in the prior year, the firm earned $1.93 earnings per share. 3M's revenue was up 1.4% on a year-over-year basis. As a group, sell-side analysts anticipate that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

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

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.