3M Company (NYSE:MMM) Shares Sold by Perpetual Ltd

Perpetual Ltd lessened its stake in shares of 3M Company (NYSE:MMM - Free Report) by 52.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,701 shares of the conglomerate's stock after selling 8,481 shares during the period. Perpetual Ltd's holdings in 3M were worth $1,131,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new position in 3M in the 4th quarter valued at about $636,767,000. Invesco Ltd. raised its position in shares of 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after buying an additional 1,520,619 shares during the period. D1 Capital Partners L.P. acquired a new position in 3M in the fourth quarter valued at approximately $175,110,000. Capital World Investors grew its position in 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after acquiring an additional 1,248,093 shares during the period. Finally, Amundi grew its position in 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock worth $337,815,000 after acquiring an additional 898,244 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Trading Up 0.9%

Shares of MMM stock opened at $152.19 on Friday. 3M Company has a fifty-two week low of $98.26 and a fifty-two week high of $156.35. The company has a 50 day moving average price of $144.83 and a 200 day moving average price of $142.85. The stock has a market capitalization of $81.90 billion, a P/E ratio of 19.22, a price-to-earnings-growth ratio of 3.15 and a beta of 1.03. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a net margin of 17.79% and a return on equity of 96.19%. The business had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. Equities research analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.92%. 3M's payout ratio is presently 36.87%.

Insider Transactions at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares of the company's stock, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction dated 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 sale, the executive vice president now directly owns 31,372 shares of the company's stock, valued at $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Bank of America upped their price target on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Barclays boosted their price objective on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday, April 23rd. Royal Bank Of Canada increased their target price 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. JPMorgan Chase & Co. boosted their price target on shares of 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $155.83.

3M 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.

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