3M Company (NYSE:MMM) Stock Position Reduced by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. trimmed its position in 3M Company (NYSE:MMM - Free Report) by 11.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 43,734 shares of the conglomerate's stock after selling 5,893 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in 3M were worth $6,423,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in MMM. Geode Capital Management LLC raised its position in shares of 3M by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock worth $1,493,655,000 after purchasing an additional 280,048 shares during the period. Northern Trust Corp lifted its holdings in shares of 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after purchasing an additional 755,155 shares during the last quarter. Capital World Investors boosted its stake in 3M by 25.4% in the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the period. Bank of New York Mellon Corp boosted its stake in 3M by 9.2% in the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock worth $734,456,000 after purchasing an additional 479,621 shares during the period. Finally, Norges Bank acquired a new stake in 3M during the 4th quarter worth about $636,767,000. 65.25% of the stock is currently owned by institutional investors.

3M Stock Performance

MMM opened at $143.85 on Friday. The company has a market capitalization of $77.42 billion, a price-to-earnings ratio of 18.16, a P/E/G ratio of 2.96 and a beta of 1.03. The business's 50-day moving average price is $143.11 and its two-hundred day moving average price is $142.14. 3M Company has a 1 year low of $98.26 and a 1 year high of $156.35. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. 3M had a return on equity of 96.19% and a net margin of 17.79%. The business had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. Equities analysts expect that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 2.03%. 3M's dividend payout ratio (DPR) is presently 36.87%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on MMM shares. Citigroup increased their price target on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research note on Wednesday, June 11th. Barclays upped their target price on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. increased their price objective on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Finally, 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 report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $155.83.

Insider Transactions at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the transaction, the executive vice president now directly owns 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president now owns 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

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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