3M Company (NYSE:MMM) Stock Holdings Lessened by Westpac Banking Corp

Key Points

• Westpac Banking Corp reduced its stake in 3M Company by 23.7% during the 1st quarter, now holding 41,321 shares valued at approximately $6.07 million.
• 3M reported a quarterly EPS of $2.16, surpassing estimates of $2.01, while also showing a year-over-year revenue increase of 1.4% to $6.16 billion.
• Analysts have mixed views on 3M, with a consensus rating of "Hold" and an average target price of $158.10, while Barclays set a price target of $170.00.

Westpac Banking Corp decreased its stake in shares of 3M Company (NYSE:MMM - Free Report) by 23.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 41,321 shares of the conglomerate's stock after selling 12,813 shares during the period. Westpac Banking Corp's holdings in 3M were worth $6,068,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of MMM. Nuveen LLC acquired a new stake in shares of 3M in the first quarter worth $235,020,000. D1 Capital Partners L.P. acquired a new stake in shares of 3M in the fourth quarter worth $175,110,000. Capital World Investors increased its position in shares of 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 in the last quarter. Northern Trust Corp increased its position in shares of 3M by 12.6% in the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock worth $871,738,000 after acquiring an additional 755,155 shares in the last quarter. Finally, Ceredex Value Advisors LLC acquired a new stake in shares of 3M in the fourth quarter worth $81,482,000. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Stock Up 1.5%

NYSE MMM traded up $2.41 during trading hours on Wednesday, reaching $160.26. 3,131,997 shares of the company traded hands, compared to its average volume of 4,168,899. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The stock has a market capitalization of $85.36 billion, a PE ratio of 22.29, a PEG ratio of 3.06 and a beta of 1.05. The company has a 50 day moving average of $150.62 and a two-hundred day moving average of $147.15.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating 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 firm had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. During the same period in the prior year, the firm posted $1.93 EPS. The firm's revenue was up 1.4% compared to the same quarter last year. As a group, equities analysts expect that 3M Company will post 7.8 earnings per share for the current year.

Insider Buying and Selling at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the transaction, the insider directly owned 2,900 shares in the company, valued at approximately $435,522. This trade represents a 68.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer owned 2,561 shares in the company, valued at approximately $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,316 shares of company stock valued at $3,780,296. Corporate insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on MMM. Royal Bank Of Canada increased their price objective 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. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Tuesday, July 29th. Barclays set a $170.00 price target on shares of 3M in a report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a report on Friday, July 18th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a report on Friday, July 18th. Two 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 data from MarketBeat, 3M has a consensus rating of "Hold" and an average target price 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.