Wesleyan Assurance Society Decreases Stake in 3M Company (NYSE:MMM)

Wesleyan Assurance Society lowered its stake in 3M Company (NYSE:MMM - Free Report) by 12.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 85,709 shares of the conglomerate's stock after selling 11,848 shares during the quarter. Wesleyan Assurance Society's holdings in 3M were worth $12,589,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. REAP Financial Group LLC boosted its position 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 buying an additional 94 shares during the period. Hazlett Burt & Watson Inc. acquired a new position in shares of 3M during the fourth quarter worth about $27,000. Pinney & Scofield Inc. acquired a new position in shares of 3M during the fourth quarter worth about $28,000. Curat Global LLC acquired a new position in shares of 3M during the first quarter worth about $29,000. Finally, Meeder Asset Management Inc. boosted its position in shares of 3M by 230.1% during the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after buying an additional 214 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MMM shares. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Saturday, July 12th. Wells Fargo & Company reiterated an "overweight" rating on shares of 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. Royal Bank Of Canada upped their price objective on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research note on Friday, July 18th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, 3M has a consensus rating of "Moderate Buy" and a consensus price target of $156.33.

3M Stock Performance

MMM traded down $1.42 during trading on Thursday, hitting $149.40. 3,625,167 shares of the company traded hands, compared to its average volume of 3,900,180. The firm has a market cap of $79.57 billion, a P/E ratio of 20.78, a price-to-earnings-growth ratio of 3.09 and a beta of 1.02. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. 3M Company has a one year low of $101.77 and a one year high of $164.15. The stock's fifty day moving average is $150.02 and its 200 day moving average is $145.88.

3M (NYSE:MMM - Get Free Report) last posted its quarterly 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. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. During the same quarter in the previous year, the firm posted $1.93 EPS. 3M's revenue was up 1.4% on a year-over-year basis. As a group, equities analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.95%. 3M's dividend payout ratio is presently 40.61%.

Insiders Place Their Bets

In related news, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the transaction, the executive vice president directly owned 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the transaction, the executive vice president owned 6,127 shares of the company's stock, valued at $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. Company insiders own 0.34% of the company's stock.

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.