TIAA Trust National Association Has $7.73 Million Stake in 3M Company (NYSE:MMM)

Key Points

• TIAA Trust National Association reduced its position in 3M Company by 4.4%, selling 2,445 shares and now holding 52,626 shares valued at approximately $7.73 million.
• Insider selling activity was notable, with EVP John Patrick Banovetz and EVP Zoe L. Dickson each selling approximately 7,759 and 7,915 shares, respectively, resulting in significant decreases in their ownership stakes.
• 3M's most recent quarterly earnings topped estimates, reporting an EPS of $2.16 and year-over-year revenue growth of 1.4%, along with a declared quarterly dividend of $0.73.

TIAA Trust National Association reduced its stake in 3M Company (NYSE:MMM - Free Report) by 4.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 52,626 shares of the conglomerate's stock after selling 2,445 shares during the period. TIAA Trust National Association's holdings in 3M were worth $7,729,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its position in shares of 3M by 26.6% during the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after acquiring an additional 1,872 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of 3M by 0.4% during the fourth quarter. Wellington Management Group LLP now owns 614,438 shares of the conglomerate's stock worth $79,318,000 after purchasing an additional 2,681 shares during the period. World Investment Advisors lifted its holdings in shares of 3M by 13.6% during the fourth quarter. World Investment Advisors now owns 13,373 shares of the conglomerate's stock worth $1,726,000 after purchasing an additional 1,605 shares during the period. Pitcairn Co. lifted its holdings in shares of 3M by 4.9% during the fourth quarter. Pitcairn Co. now owns 4,598 shares of the conglomerate's stock worth $594,000 after purchasing an additional 213 shares during the period. Finally, Smith Moore & CO. lifted its holdings in 3M by 7.8% in the fourth quarter. Smith Moore & CO. now owns 10,503 shares of the conglomerate's stock valued at $1,356,000 after acquiring an additional 761 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the 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 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 ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

3M Trading Up 1.3%

Shares of NYSE MMM traded up $1.95 during mid-day trading on Tuesday, hitting $149.82. 390,553 shares of the company traded hands, compared to its average volume of 3,880,343. 3M Company has a 1 year low of $121.98 and a 1 year high of $164.15. The stock has a market capitalization of $79.80 billion, a price-to-earnings ratio of 20.84, a PEG ratio of 2.79 and a beta of 1.05. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The business has a 50 day moving average of $149.78 and a two-hundred day moving average of $146.81.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating 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 business had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. During the same period in the prior year, the business posted $1.93 earnings per share. 3M's revenue was up 1.4% compared to the same quarter last year. On average, sell-side analysts anticipate 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. Investors of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.9%. 3M's dividend payout ratio is currently 40.61%.

Analysts Set New Price Targets

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

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.