3M (NYSE:MMM) Shares Sold by JGP Wealth Management LLC

JGP Wealth Management LLC lessened its position in shares of 3M (NYSE:MMM - Free Report) by 70.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,464 shares of the conglomerate's stock after selling 5,865 shares during the quarter. JGP Wealth Management LLC's holdings in 3M were worth $362,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC lifted its stake in 3M by 26.6% in the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock valued at $1,149,000 after buying an additional 1,872 shares in the last quarter. Austin Private Wealth LLC raised its stake in 3M by 15.6% in the 4th quarter. Austin Private Wealth LLC now owns 2,979 shares of the conglomerate's stock valued at $385,000 after purchasing an additional 401 shares during the last quarter. Chicago Partners Investment Group LLC grew its holdings in shares of 3M by 14.3% during the fourth quarter. Chicago Partners Investment Group LLC now owns 6,363 shares of the conglomerate's stock worth $856,000 after buying an additional 794 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its position in 3M by 3.4% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 16,573 shares of the conglomerate's stock worth $2,139,000 after acquiring an additional 546 shares during the last quarter. Finally, SYM FINANCIAL Corp lifted its stake in shares of 3M by 37.8% during the 4th quarter. SYM FINANCIAL Corp now owns 3,571 shares of the conglomerate's stock worth $461,000 after purchasing an additional 979 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the firm's stock in a transaction that occurred 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 owns 31,372 shares in the company, valued at $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares in the company, valued at approximately $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. 0.34% of the stock is currently owned by company insiders.

3M Stock Down 0.6%

MMM stock traded down $0.86 during mid-day trading on Wednesday, hitting $147.27. 1,330,636 shares of the company were exchanged, compared to its average volume of 3,871,562. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a twelve month low of $97.68 and a twelve month high of $156.35. The firm has a fifty day simple moving average of $141.20 and a 200 day simple moving average of $140.98. The company has a market capitalization of $79.26 billion, a PE ratio of 19.51, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. On average, research analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.98%. 3M's dividend payout ratio is currently 36.87%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Barclays increased their target price on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. Bank of America boosted their target price on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Royal Bank of Canada boosted their price objective on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. increased their target price on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Saturday, May 24th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $153.46.

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.