3M Company (NYSE:MMM) Shares Sold by Scotia Capital Inc.

Key Points

• Scotia Capital Inc. reduced its holdings in 3M Company (NYSE:MMM) by 38.2% during Q1, selling over 26,000 shares, bringing its total ownership to approximately $6.4 million.
• 3M recently reported an earnings per share (EPS) of $2.16, exceeding analysts' estimates of $2.01, while its quarterly revenue reached $6.16 billion, slightly above expected levels.
• The company announced a quarterly dividend of $0.73 per share, with a current annualized dividend yield of 2.0%.

Scotia Capital Inc. lowered its position in shares of 3M Company (NYSE:MMM - Free Report) by 38.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 43,674 shares of the conglomerate's stock after selling 26,979 shares during the quarter. Scotia Capital Inc.'s holdings in 3M were worth $6,414,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. REAP Financial Group LLC boosted its holdings in shares of 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after purchasing an additional 94 shares during the last quarter. Pinney & Scofield Inc. purchased a new position in 3M during the fourth quarter worth about $28,000. Curat Global LLC acquired a new stake in 3M in the 1st quarter worth about $29,000. Intelligent Financial Strategies purchased a new stake in 3M in the 1st quarter valued at about $42,000. Finally, Investment Management Corp VA ADV increased its stake in shares of 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 acquiring an additional 191 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

Shares of NYSE:MMM opened at $147.84 on Tuesday. The company has a market cap of $78.75 billion, a P/E ratio of 20.56, a PEG ratio of 2.79 and a beta of 1.05. 3M Company has a one year low of $119.31 and a one year high of $164.15. The business's 50-day simple moving average is $149.78 and its 200 day simple moving average is $146.81. 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 posted its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. The business had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.93 earnings per share. On average, sell-side analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid 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 dividend payout ratio (DPR) is presently 40.61%.

Insider Buying and Selling

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the company'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 value of $1,151,202.83. Following the transaction, the executive vice president directly owned 31,372 shares of the company's stock, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction that occurred 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 transaction, the executive vice president owned 6,127 shares of the company's stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

MMM has been the subject of a number of recent analyst reports. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Tuesday, July 29th. Citigroup boosted their price objective on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a report on Friday, July 18th. Royal Bank Of Canada lifted their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $158.10.

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.

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