3M Company (NYSE:MMM) Stake Trimmed by State Farm Mutual Automobile Insurance Co.

Key Points

• State Farm Mutual Automobile Insurance Co. reduced its stake in 3M by 2.2%, holding approximately 7.99 million shares, making it the 28th largest holding in their portfolio.
• 3M's recent earnings report showed a profit of $2.16 per share, beating expectations and indicating a 1.4% revenue increase year-over-year.
• Various analysts have set differing price targets for 3M stock, with Barclays targeting $170.00 and Royal Bank Of Canada targeting $100.00, amidst an average rating of "Hold".

State Farm Mutual Automobile Insurance Co. lowered its stake in 3M Company (NYSE:MMM - Free Report) by 2.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,998,094 shares of the conglomerate's stock after selling 180,406 shares during the quarter. 3M makes up 1.1% of State Farm Mutual Automobile Insurance Co.'s investment portfolio, making the stock its 28th largest holding. State Farm Mutual Automobile Insurance Co. owned about 1.49% of 3M worth $1,174,600,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of MMM. TCV Trust & Wealth Management Inc. grew its stake in 3M by 1.1% during the 1st quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate's stock valued at $954,000 after acquiring an additional 73 shares in the last quarter. Cahaba Wealth Management Inc. grew its stake in 3M by 1.4% during the 1st quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock valued at $819,000 after acquiring an additional 75 shares in the last quarter. Altman Advisors Inc. grew its stake in 3M by 0.5% during the 1st quarter. Altman Advisors Inc. now owns 16,690 shares of the conglomerate's stock valued at $2,318,000 after acquiring an additional 76 shares in the last quarter. NBT Bank N A NY grew its stake in 3M by 0.8% during the 1st quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock valued at $1,431,000 after acquiring an additional 79 shares in the last quarter. Finally, Rehmann Capital Advisory Group grew its stake in 3M by 2.6% during the 1st quarter. Rehmann Capital Advisory Group now owns 3,272 shares of the conglomerate's stock valued at $481,000 after acquiring an additional 82 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Stock Down 2.1%

MMM opened at $156.89 on Friday. The business has a 50 day moving average price of $150.84 and a 200 day moving average price of $147.19. 3M Company has a twelve month low of $121.98 and a twelve month high of $164.15. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. The firm has a market cap of $83.56 billion, a P/E ratio of 21.82, a price-to-earnings-growth ratio of 3.10 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last posted its 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 firm had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.09 billion. During the same period in the previous year, the company earned $1.93 EPS. The company's revenue for the quarter was up 1.4% on a year-over-year basis. Research analysts forecast that 3M Company will post 7.8 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MMM shares. Citigroup lifted their target price on 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 target on 3M in a report on Friday, July 18th. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Royal Bank Of Canada lifted their price target on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Finally, Barclays set a $170.00 price target on 3M in a report on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $158.10.

Insider Buying and Selling

In related news, EVP John Patrick Banovetz sold 7,759 shares of the business'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 completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the sale, the insider owned 2,900 shares of the company's stock, valued at approximately $435,522. This trade represents a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,401 shares of company stock worth $2,600,803. 0.34% of the stock is currently owned by insiders.

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.

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