AIA Group Ltd Buys 10,893 Shares of 3M Company (NYSE:MMM)

Key Points

• AIA Group Ltd significantly increased its stake in 3M Company by 535.8%, owning 12,926 shares worth approximately $1.9 million after purchasing an additional 10,893 shares in the first quarter.
• 3M reported a quarterly earnings per share (EPS) of $2.16, exceeding expectations of $2.01, with revenue of $6.16 billion for the quarter, up 1.4% year-over-year.
• Insiders at 3M have sold a total of 25,316 shares valued at approximately $3.78 million over the last 90 days, indicating potential changes in confidence among company executives.

AIA Group Ltd raised its stake in shares of 3M Company (NYSE:MMM - Free Report) by 535.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,926 shares of the conglomerate's stock after purchasing an additional 10,893 shares during the quarter. AIA Group Ltd's holdings in 3M were worth $1,898,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. REAP Financial Group LLC raised its holdings in 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after buying an additional 94 shares during the last quarter. Pinney & Scofield Inc. purchased a new position in 3M during the 4th quarter valued at $28,000. Curat Global LLC purchased a new position in 3M during the 1st quarter valued at $29,000. Intelligent Financial Strategies purchased a new position in 3M during the 1st quarter valued at $42,000. Finally, Investment Management Corp VA ADV increased its position in 3M by 173.6% during the 1st quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate's stock valued at $44,000 after purchasing an additional 191 shares during the period. 65.25% of the stock is currently owned by institutional investors.

3M Stock Performance

Shares of MMM stock opened at $155.41 on Tuesday. 3M Company has a one year low of $121.98 and a one year high of $164.15. The company's 50-day moving average is $150.16 and its 200 day moving average is $146.98. The company has a market capitalization of $82.77 billion, a price-to-earnings ratio of 21.61, a price-to-earnings-growth ratio of 2.97 and a beta of 1.05. 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 announced its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating the consensus estimate of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. During the same period in the prior year, the firm posted $1.93 EPS. 3M's revenue for the quarter was up 1.4% on a year-over-year basis. Sell-side analysts expect that 3M Company will post 7.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of recent research reports. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Citigroup upped their target price on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research report on Friday, July 18th. Royal Bank Of Canada upped their target price on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Finally, Weiss Ratings reaffirmed 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 assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $158.10.

Insider Activity

In other news, EVP John Patrick Banovetz sold 7,759 shares of the firm's stock in a transaction dated 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 sale, the executive vice president owned 31,372 shares of the company's stock, valued at $4,654,663.64. This trade represents a 19.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the sale, the insider directly owned 2,900 shares in the company, valued at approximately $435,522. The trade was a 68.01% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,316 shares of company stock valued at $3,780,296. Company insiders own 0.48% of the company's stock.

3M Company 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.

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