Vident Advisory LLC Sells 24,834 Shares of 3M Company $MMM

Key Points

• Vident Advisory LLC reduced its stake in 3M Company by 57.7%, selling 24,834 shares and now holding 18,232 shares worth approximately $2.68 million.
• In the fourth quarter, other institutional investors, including Brighton Jones LLC and Bank of America Corp DE, increased their positions in 3M, indicating ongoing interest from large investors.
• 3M Company announced a quarterly dividend of $0.73, with an ex-dividend date of August 25th, representing an annualized yield of 1.9%.

Vident Advisory LLC decreased its stake in shares of 3M Company (NYSE:MMM - Free Report) by 57.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 18,232 shares of the conglomerate's stock after selling 24,834 shares during the quarter. Vident Advisory LLC's holdings in 3M were worth $2,678,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of MMM. 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. Pinney & Scofield Inc. acquired a new stake in shares of 3M during the 4th quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of 3M during the 1st quarter worth approximately $28,000. WPG Advisers LLC acquired a new stake in shares of 3M during the 1st quarter worth approximately $28,000. Finally, Curat Global LLC acquired a new stake in shares of 3M during the 1st quarter worth approximately $29,000. Institutional investors and hedge funds own 65.25% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MMM. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research report on Friday, July 18th. Citigroup lifted their price target on shares of 3M from $141.00 to $160.00 and gave the company 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. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Saturday, August 30th. Finally, Barclays set a $170.00 price target on shares of 3M in a research report on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, 3M presently has a consensus rating of "Hold" and an average price target of $158.10.

Insider Activity

In other 3M news, 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 directly owned 2,900 shares of the company's stock, valued at $435,522. This represents a 68.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by corporate insiders.

3M Stock Performance

Shares of NYSE:MMM traded up $3.42 during midday trading on Thursday, reaching $155.42. The company had a trading volume of 2,490,466 shares, compared to its average volume of 3,779,951. The company's 50 day moving average price is $153.64 and its 200 day moving average price is $147.59. 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 stock has a market cap of $82.78 billion, a P/E ratio of 21.62, a P/E/G ratio of 3.01 and a beta of 1.04. 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 quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. The company had revenue of $6.16 billion for 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 firm's quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.93 EPS. As a group, sell-side analysts anticipate that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

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

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.