Albar Capital Partners LLP Reduces Position in 3M Company $MMM

Key Points

• Albar Capital Partners LLP reduced its stake in 3M Company by 50.3%, selling 70,561 shares and now holding 69,612 shares valued at approximately $10.2 million.
• 3M reported $2.16 earnings per share for the last quarter, exceeding analysts' estimates of $2.01, with revenues of $6.16 billion, up 1.4% year-over-year.
• A quarterly dividend of $0.73 per share was recently announced, with a scheduled payment date of September 12th and a yield of 1.9%.

Albar Capital Partners LLP lessened its stake in 3M Company (NYSE:MMM - Free Report) by 50.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 69,612 shares of the conglomerate's stock after selling 70,561 shares during the period. 3M accounts for approximately 4.6% of Albar Capital Partners LLP's investment portfolio, making the stock its 9th largest holding. Albar Capital Partners LLP's holdings in 3M were worth $10,223,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MMM. REAP Financial Group LLC grew its stake in shares of 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after acquiring an additional 94 shares during the last quarter. Pinney & Scofield Inc. purchased a new stake in shares of 3M during the fourth quarter worth about $28,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of 3M during the first quarter worth about $28,000. WPG Advisers LLC purchased a new stake in 3M in the first quarter valued at approximately $28,000. Finally, Curat Global LLC purchased a new stake in 3M in the first quarter valued at approximately $29,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

Insider Transactions at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the 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 transaction, the insider owned 2,900 shares of the company's stock, valued at $435,522. This represents a 68.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. This trade represents a 57.59% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MMM has been the topic of a number of recent research reports. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Citigroup boosted their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Barclays set a $170.00 price objective on 3M in a research report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a report on Friday, July 18th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a report on Saturday. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, 3M has an average rating of "Hold" and a consensus price target of $158.10.

3M Trading Down 1.0%

3M stock traded down $1.48 during trading hours on Tuesday, reaching $154.05. 2,744,872 shares of the company's stock were exchanged, compared to its average volume of 3,786,558. The firm has a market capitalization of $82.05 billion, a PE ratio of 21.43, a PEG ratio of 3.01 and a beta of 1.04. The firm's 50 day simple moving average is $153.48 and its 200 day simple moving average is $147.52. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. 3M Company has a twelve month low of $121.98 and a twelve month high of $164.15.

3M (NYSE:MMM - Get Free Report) last released 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. The company had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business's revenue was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.93 EPS. Research analysts predict that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, August 25th. 3M's dividend payout ratio is 40.61%.

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.