Aberdeen Group plc Sells 634,673 Shares of 3M Company $MMM

Key Points

• Aberdeen Group plc significantly reduced its stake in 3M Company by 74.2%, selling over 634,000 shares, bringing its total holdings to approximately 220,000 shares valued at $32 million.
• Analysts have mixed views on 3M's stock, with target prices set between $160 and $170, and a consensus rating of "Hold" based on recent performance.
• 3M Company reported earnings of $2.16 EPS, exceeding estimates and reflecting a 1.4% revenue increase from the previous year, while also declaring a quarterly dividend of $0.73 per share.

Aberdeen Group plc trimmed its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 74.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 220,239 shares of the conglomerate's stock after selling 634,673 shares during the period. Aberdeen Group plc's holdings in 3M were worth $32,022,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Ensign Peak Advisors Inc raised its holdings in shares of 3M by 29.2% during the fourth 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 during the period. Financial Gravity Asset Management Inc. acquired a new stake in shares of 3M in the 1st quarter worth about $2,506,000. Synergy Asset Management LLC increased its holdings in shares of 3M by 122.7% in the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock worth $663,000 after acquiring an additional 2,486 shares during the period. Northstar Group Inc. acquired a new stake in shares of 3M in the 1st quarter worth about $262,000. Finally, Dynamic Advisor Solutions LLC acquired a new stake in shares of 3M in the 1st quarter worth about $786,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MMM has been the topic of a number of analyst reports. Barclays set a $170.00 price objective on shares of 3M in a report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a report on Friday, July 18th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a report on Friday, July 18th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Thursday, August 14th. Finally, Citigroup increased their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $158.10.

Insider Transactions at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the transaction, the insider directly owned 2,900 shares of the company's stock, valued at $435,522. This trade represents a 68.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Co 3M sold 8,800,000 shares of the firm's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $73.45, for a total value of $646,360,000.00. Following the completion of the transaction, the insider directly owned 25,569,190 shares of the company's stock, valued at approximately $1,878,057,005.50. This trade represents a 25.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,817,401 shares of company stock valued at $648,960,803 in the last ninety days. 0.48% of the stock is owned by company insiders.

3M Trading Up 0.9%

MMM stock traded up $1.3570 during mid-day trading on Tuesday, reaching $154.2170. 2,067,526 shares of the stock traded hands, compared to its average volume of 3,712,329. 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 52-week low of $121.98 and a 52-week high of $164.15. The company has a market cap of $82.14 billion, a P/E ratio of 21.45, a P/E/G ratio of 2.96 and a beta of 1.05. The stock's fifty day moving average is $151.33 and its 200-day moving average is $147.17.

3M (NYSE:MMM - Get Free Report) last posted 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 analyst estimates of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business's quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.93 earnings per share. As a group, sell-side analysts expect that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be given a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.9%. 3M's dividend payout ratio (DPR) is currently 40.61%.

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.