Premier Fund Managers Ltd Sells 13,750 Shares of 3M Company (NYSE:MMM)

Key Points

• Premier Fund Managers Ltd reduced its holdings in 3M Company by 17.8% during the first quarter, now owning 63,550 shares valued at $9.2 million.
• 3M Company's stock reported a 0.6% increase, reaching an opening price of $152.18 with a market cap of $81.06 billion.
• The latest earnings report showed 3M exceeding expectations with a quarterly EPS of $2.16 and revenue of $6.16 billion, reflecting a 1.4% year-over-year revenue growth.

Premier Fund Managers Ltd decreased its stake in shares of 3M Company (NYSE:MMM - Free Report) by 17.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 63,550 shares of the conglomerate's stock after selling 13,750 shares during the period. Premier Fund Managers Ltd's holdings in 3M were worth $9,203,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Geode Capital Management LLC boosted its holdings in shares of 3M by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock worth $1,493,655,000 after buying an additional 280,048 shares during the period. Northern Trust Corp raised its stake in 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock worth $871,738,000 after purchasing an additional 755,155 shares in the last quarter. Capital World Investors raised its stake in 3M by 25.4% in the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after purchasing an additional 1,248,093 shares in the last quarter. Invesco Ltd. raised its stake in 3M by 51.6% in the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after purchasing an additional 1,520,619 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in 3M by 4.2% in the 4th quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock worth $551,245,000 after purchasing an additional 172,815 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

Insider Buying and Selling

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the sale, the executive vice president directly owned 6,127 shares of the company's stock, valued at $913,045.54. The trade was a 56.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the sale, the executive vice president directly owned 31,372 shares in the company, valued at $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

3M Price Performance

Shares of NYSE:MMM traded down $4.83 during midday trading on Friday, hitting $144.39. The stock had a trading volume of 2,383,355 shares, compared to its average volume of 3,893,082. The company's 50-day moving average price is $149.85 and its 200-day moving average price is $146.60. The company has a market capitalization of $76.91 billion, a P/E ratio of 20.15, a price-to-earnings-growth ratio of 2.84 and a beta of 1.02. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. 3M Company has a fifty-two week low of $119.31 and a fifty-two week high of $164.15.

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

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.0%. 3M's payout ratio is 40.61%.

Analysts Set New Price Targets

Several brokerages have weighed in on MMM. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research note on Friday, July 18th. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Citigroup lifted their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Royal Bank Of Canada lifted their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $158.10.

About 3M

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.