Foundations Investment Advisors LLC Sells 14,515 Shares of 3M Company (NYSE:MMM)

Key Points

• Foundations Investment Advisors LLC reduced its stake in 3M Company by 38.8% during the 1st quarter, now holding 22,917 shares valued at approximately $3.37 million.
• Total institutional ownership of 3M Company is currently 65.25%, reflecting various adjustments, with some hedge funds increasing their positions during the same period.
• 3M recently reported earnings of $2.16 EPS for the quarter, exceeding analysts' expectations and indicating a 1.4% revenue growth year-over-year.

Foundations Investment Advisors LLC lessened its stake in shares of 3M Company (NYSE:MMM - Free Report) by 38.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 22,917 shares of the conglomerate's stock after selling 14,515 shares during the period. Foundations Investment Advisors LLC's holdings in 3M were worth $3,366,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of MMM. Brighton Jones LLC lifted its stake in 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 purchasing an additional 1,872 shares during the last quarter. American Century Companies Inc. raised its stake in shares of 3M by 12.0% during the fourth quarter. American Century Companies Inc. now owns 102,773 shares of the conglomerate's stock worth $13,267,000 after purchasing an additional 11,032 shares during the last quarter. Pictet Asset Management Holding SA raised its stake in shares of 3M by 15.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 314,194 shares of the conglomerate's stock worth $40,559,000 after purchasing an additional 42,385 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in 3M by 321.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,097,747 shares of the conglomerate's stock worth $141,708,000 after acquiring an additional 837,226 shares during the period. Finally, CIBC Private Wealth Group LLC grew its holdings in 3M by 0.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 272,207 shares of the conglomerate's stock worth $36,620,000 after acquiring an additional 1,457 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Trading Down 2.8%

MMM stock traded down $4.22 during midday trading on Friday, hitting $145.00. 1,647,518 shares of the company's stock were exchanged, compared to its average volume of 3,888,680. The company has a market cap of $77.23 billion, a PE ratio of 20.12, a price-to-earnings-growth ratio of 2.84 and a beta of 1.02. The stock's fifty day moving average price is $149.85 and its 200-day moving average price is $146.60. 3M Company has a one year low of $119.31 and a one year 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.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter in the previous year, the business earned $1.93 earnings per share. 3M's quarterly revenue was up 1.4% on a year-over-year basis. Research analysts predict that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.0%. 3M's payout ratio is 40.61%.

Insider Activity at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction 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 $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 value of $1,179,493.30. Following the sale, the executive vice president owned 6,127 shares of the company's stock, valued at $913,045.54. The trade was a 56.37% 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.

Wall Street Analyst Weigh In

MMM has been the subject of a number of research analyst reports. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Tuesday. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Barclays set a $170.00 price target on 3M in a research report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price target on 3M in a research report on Friday, July 18th. Finally, Royal Bank Of Canada lifted their price objective on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Two investment 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. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $158.10.

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.