3M Company (NYSE:MMM) Shares Sold by Fjarde AP Fonden Fourth Swedish National Pension Fund

Key Points

• Fjarde AP Fonden Fourth Swedish National Pension Fund has reduced its holdings in 3M Company by 25.5%, now owning 101,439 shares worth approximately $14.9 million.
• Multiple institutions have increased or acquired stakes in 3M, with REAP Financial Group LLC upping its holdings by 88.7% in the last quarter.
• 3M reported $2.16 earnings per share (EPS) for its latest quarter, exceeding expectations of $2.01, with a revenue of $6.16 billion, up 1.4% year-over-year.

Fjarde AP Fonden Fourth Swedish National Pension Fund trimmed its holdings in 3M Company (NYSE:MMM - Free Report) by 25.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 101,439 shares of the conglomerate's stock after selling 34,700 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in 3M were worth $14,897,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. REAP Financial Group LLC increased its holdings in shares of 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after acquiring an additional 94 shares during the last quarter. Pinney & Scofield Inc. bought a new stake in shares of 3M in the 4th quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of 3M in the 1st quarter valued at approximately $28,000. Curat Global LLC bought a new stake in shares of 3M in the 1st quarter valued at approximately $29,000. Finally, Intelligent Financial Strategies bought a new stake in shares of 3M in the 1st quarter valued at approximately $42,000. 65.25% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the sale, the executive vice president owned 31,372 shares in the company, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company's 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 completion of the sale, the chief accounting officer owned 2,561 shares of the company's stock, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,401 shares of company stock worth $2,600,803 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MMM. Barclays set a $170.00 price target on 3M in a report on Friday, July 18th. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Citigroup upped their price objective on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research note on Friday, July 18th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research note on Thursday. Two analysts have rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, 3M currently has a consensus rating of "Hold" and an average price target of $158.10.

3M Trading Down 2.1%

NYSE:MMM opened at $156.89 on Friday. 3M Company has a 1 year low of $121.98 and a 1 year high of $164.15. The stock has a market cap of $83.56 billion, a price-to-earnings ratio of 21.82, a PEG ratio of 3.10 and a beta of 1.05. The business has a fifty day moving average of $150.84 and a 200-day moving average of $147.19. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72.

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 the consensus estimate of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%. The company had revenue of $6.16 billion during the quarter, compared to analysts' expectations of $6.09 billion. During the same quarter in the prior year, the business posted $1.93 earnings per share. The company's revenue for the quarter was up 1.4% compared to the same quarter last year. Equities analysts predict that 3M Company will post 7.8 earnings per share for the current year.

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.

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