Allianz SE Sells 3,187 Shares of 3M Company (NYSE:MMM)

Key Points

• Allianz SE has reduced its stake in 3M Company by 19.7%, selling 3,187 shares and now holding 12,989 shares valued at approximately $1.9 million.
• Analysts have mixed ratings on 3M, with an average price target of $158.10, as firms like Citigroup and Barclays have adjusted their price objectives for the stock.
• 3M recently reported quarterly earnings of $2.16 per share, exceeding expectations, and it also declared a quarterly dividend of $0.73, equivalent to an annual yield of 2.0%.

Allianz SE reduced its stake in 3M Company (NYSE:MMM - Free Report) by 19.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,989 shares of the conglomerate's stock after selling 3,187 shares during the period. Allianz SE's holdings in 3M were worth $1,908,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. LaSalle St. Investment Advisors LLC grew its holdings in shares of 3M by 2.5% during the fourth quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate's stock worth $381,000 after purchasing an additional 71 shares in the last quarter. TCV Trust & Wealth Management Inc. increased its position in shares of 3M by 1.1% during the 1st quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate's stock valued at $954,000 after purchasing an additional 73 shares during the last quarter. Cahaba Wealth Management Inc. lifted its position in 3M by 1.4% in the 1st quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock worth $819,000 after buying an additional 75 shares during the last quarter. Altman Advisors Inc. raised its position in 3M by 0.5% in the 1st quarter. Altman Advisors Inc. now owns 16,690 shares of the conglomerate's stock worth $2,318,000 after purchasing an additional 76 shares during the period. Finally, NBT Bank N A NY increased its holdings in shares of 3M by 0.8% in the first quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock worth $1,431,000 after buying an additional 79 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MMM. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Barclays set a $170.00 price objective on 3M in a research report on Friday, July 18th. Citigroup lifted their price target on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. 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 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 research analysts have rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $158.10.

3M Stock Performance

MMM stock opened at $144.38 on Monday. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. 3M Company has a 1 year low of $119.31 and a 1 year high of $164.15. The company has a market cap of $76.90 billion, a P/E ratio of 20.08, a price-to-earnings-growth ratio of 2.79 and a beta of 1.05. The stock's fifty day moving average price is $149.78 and its 200-day moving average price is $146.76.

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

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.0%. 3M's dividend payout ratio (DPR) is presently 40.61%.

Insiders Place Their Bets

In other news, EVP John Patrick Banovetz sold 7,759 shares of 3M 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 sale, the executive vice president owned 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 filing with the SEC, which is available at 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 transaction of $1,179,493.30. Following the completion of the sale, the executive vice president owned 6,127 shares in the company, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.

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