3M Company $MMM Stock: Sumitomo Mitsui Trust Group Inc. Cuts Stake

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of 3M Company (NYSE:MMM - Free Report) by 3.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,374,982 shares of the conglomerate's stock after selling 43,067 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.27% of 3M worth $225,703,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Engineers Gate Manager LP lifted its holdings in 3M by 74.0% in the 2nd quarter. Engineers Gate Manager LP now owns 287,652 shares of the conglomerate's stock worth $46,574,000 after buying an additional 122,368 shares during the period. North Star Asset Management Inc. bought a new stake in 3M during the second quarter worth about $1,424,000. Moore Capital Management LP bought a new position in shares of 3M during the second quarter valued at approximately $7,948,000. B.A. Schrock Wealth Management Inc. bought a new position in shares of 3M during the third quarter valued at approximately $1,770,000. Finally, Amundi lifted its holdings in shares of 3M by 67.0% during the second quarter. Amundi now owns 4,536,148 shares of the conglomerate's stock valued at $734,448,000 after purchasing an additional 1,819,178 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Citigroup upped their target price on shares of 3M from $183.00 to $188.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 21st. Wells Fargo & Company began coverage on 3M in a research report on Thursday, September 24th. They set an "equal weight" rating and a $195.00 target price on the stock. HSBC upgraded shares of 3M to a "strong-buy" rating in a research report on Thursday, October 22nd. Weiss Ratings upgraded 3M from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, October 23rd. Finally, Mizuho lifted their target price on 3M from $160.00 to $180.00 and gave the stock a "neutral" rating in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, 3M presently has an average rating of "Hold" and a consensus price target of $185.36.

3M Stock Down 0.0%

3M stock opened at $174.32 on Monday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 1.06 and a current ratio of 1.41. 3M Company has a fifty-two week low of $139.34 and a fifty-two week high of $184.90. The business's 50-day simple moving average is $168.45 and its two-hundred day simple moving average is $161.35. The company has a market cap of $90.08 billion, a PE ratio of 25.98, a PEG ratio of 2.27 and a beta of 1.01.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.38 by $0.12. The company had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.61 billion. 3M had a return on equity of 123.11% and a net margin of 14.01%. 3M's revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.19 earnings per share. Equities analysts anticipate that 3M Company will post 9.14 EPS for the current year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Monday, August 24th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 1.8%. The ex-dividend date was Monday, August 24th. 3M's dividend payout ratio (DPR) is 46.50%.

Insider Transactions at 3M

In related news, insider Karin Chavez sold 3,635 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $182.51, for a total transaction of $663,423.85. Following the sale, the insider directly owned 14,035 shares of the company's stock, valued at $2,561,527.85. This represents a 20.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.19% of the stock is owned by company insiders.

3M Profile

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.

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