Rossmore Private Capital Sells 3,085 Shares of 3M Company (NYSE:MMM)

Key Points

• Rossmore Private Capital reduced its stake in 3M Company by 19.2%, now holding 12,986 shares worth approximately $1.91 million.
• Multiple institutional investors increased their positions in 3M, with REAP Financial Group boosting its stake by 88.7%.
• 3M reported earnings of $2.16 per share for the most recent quarter, exceeding estimates, and had a revenue of $6.16 billion.

Rossmore Private Capital trimmed its stake in shares of 3M Company (NYSE:MMM - Free Report) by 19.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,986 shares of the conglomerate's stock after selling 3,085 shares during the quarter. Rossmore Private Capital's holdings in 3M were worth $1,907,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. REAP Financial Group LLC grew its position in 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after purchasing an additional 94 shares in the last quarter. Pinney & Scofield Inc. acquired a new stake in shares of 3M in the fourth quarter worth $28,000. Curat Global LLC acquired a new stake in shares of 3M in the first quarter worth $29,000. Intelligent Financial Strategies acquired a new position in 3M during the 1st quarter valued at $42,000. Finally, Investment Management Corp VA ADV raised its stake in 3M by 173.6% during the 1st quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate's stock valued at $44,000 after purchasing an additional 191 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Price Performance

MMM stock traded up $2.41 during midday trading on Wednesday, reaching $160.26. The company had a trading volume of 3,131,997 shares, compared to its average volume of 4,168,899. The company has a market capitalization of $85.36 billion, a price-to-earnings ratio of 22.29, a price-to-earnings-growth ratio of 3.06 and a beta of 1.05. The stock has a 50 day moving average price of $150.62 and a 200-day moving average price of $147.15. 3M Company has a 1-year low of $121.98 and a 1-year high of $164.15. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share 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 for the quarter, compared to analysts' expectations of $6.09 billion. During the same period in the previous year, the business posted $1.93 earnings per share. The business's quarterly revenue was up 1.4% compared to the same quarter last year. Equities research analysts expect that 3M Company will post 7.8 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MMM shares. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a report on Friday, July 18th. Barclays set a $170.00 price target on shares of 3M in a research report on Friday, July 18th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Tuesday, July 29th. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Finally, Royal Bank Of Canada upped their price target on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $158.10.

Insiders Place Their Bets

In related news, EVP John Patrick Banovetz sold 7,759 shares of the 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 directly owned 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,316 shares of company stock valued at $3,780,296 in the last ninety days. 0.34% of the stock is owned by corporate insiders.

3M Company 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.