First American Trust FSB Makes New $7.35 Million Investment in 3M Company (NYSE:MMM)

Key Points

• First American Trust FSB acquired a new position in 3M Company, purchasing 50,040 shares valued at approximately $7.35 million during the first quarter.
• Insider sales at 3M include CAO Theresa E. Reinseth selling 3,477 shares and Christian T. Goralski, Jr. selling 6,165 shares, indicating a significant decrease in their ownership positions.
• Analyst ratings for 3M show a mix of opinions, with two sell ratings, two holds, and seven buys, and an average price target of $158.10.

First American Trust FSB purchased a new stake in 3M Company (NYSE:MMM - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 50,040 shares of the conglomerate's stock, valued at approximately $7,349,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Northern Trust Corp raised its stake in shares of 3M by 12.6% in the 4th 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 period. Capital World Investors raised its stake in shares of 3M by 25.4% in the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after purchasing an additional 1,248,093 shares during the period. Invesco Ltd. raised its stake in shares of 3M by 0.7% in the 1st quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate's stock valued at $660,695,000 after purchasing an additional 30,260 shares during the period. Bank of America Corp DE raised its stake in shares of 3M by 4.2% in the 4th quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock valued at $551,245,000 after purchasing an additional 172,815 shares during the period. Finally, Janus Henderson Group PLC raised its stake in shares of 3M by 5.7% in the 4th quarter. Janus Henderson Group PLC now owns 3,624,933 shares of the conglomerate's stock valued at $467,944,000 after purchasing an additional 193,957 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Stock Performance

Shares of NYSE:MMM traded up $2.55 during trading on Tuesday, reaching $157.86. 2,748,166 shares of the stock were exchanged, compared to its average volume of 4,184,427. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15. The firm has a market cap of $84.08 billion, a PE ratio of 21.96, a PEG ratio of 3.01 and a beta of 1.05. The stock has a 50-day moving average price of $150.35 and a 200-day moving average price of $147.06. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping 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 company had revenue of $6.16 billion during the quarter, compared to analysts' expectations of $6.09 billion. During the same quarter in the previous year, the company posted $1.93 earnings per share. The business's revenue was up 1.4% on a year-over-year basis. Research analysts expect that 3M Company will post 7.8 EPS for the current fiscal year.

Analyst Ratings Changes

MMM has been the topic of several recent research reports. Citigroup lifted their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Barclays set a $170.00 target price on 3M in a research report on Friday, July 18th. Royal Bank Of Canada lifted their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Tuesday, July 29th. 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. Based on data from MarketBeat, 3M currently has a consensus rating of "Hold" and an average target price of $158.10.

Insider Transactions at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible 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 shares were 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 have sold 25,316 shares of company stock worth $3,780,296. Insiders own 0.48% 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.