AQR Capital Management LLC Has $349.13 Million Stake in 3M Company $MMM

Key Points

• AQR Capital Management LLC has reduced its stake in 3M Company by 2.7%, now holding approximately 0.45% of the company, valued at about $349 million after selling 68,498 shares.
• Company insiders have also sold shares, with Christian T. Goralski, Jr. and CAO Theresa E. Reinseth reducing their holdings by 68.01% and 57.59%, respectively, indicating potential shifts in confidence.
• Research analysts hold a consensus rating of "Hold" for 3M, with a target price averaging $158.10, highlighting moderate optimism among investment analysts.

AQR Capital Management LLC reduced its stake in 3M Company (NYSE:MMM - Free Report) by 2.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,433,149 shares of the conglomerate's stock after selling 68,498 shares during the period. AQR Capital Management LLC owned 0.45% of 3M worth $349,133,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC boosted its position in shares of 3M by 26.6% during the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after buying an additional 1,872 shares during the period. Bison Wealth LLC lifted its position in 3M by 10.2% in the fourth quarter. Bison Wealth LLC now owns 2,751 shares of the conglomerate's stock worth $355,000 after purchasing an additional 255 shares during the period. Aptus Capital Advisors LLC lifted its position in 3M by 16.2% in the fourth quarter. Aptus Capital Advisors LLC now owns 6,814 shares of the conglomerate's stock worth $880,000 after purchasing an additional 948 shares during the period. Bank of America Corp DE lifted its position in 3M by 4.2% in the fourth quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock worth $551,245,000 after purchasing an additional 172,815 shares during the period. Finally, Baker Avenue Asset Management LP lifted its position in 3M by 28.0% in the fourth quarter. Baker Avenue Asset Management LP now owns 3,158 shares of the conglomerate's stock worth $408,000 after purchasing an additional 691 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at 3M

In related 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 value of $925,859.70. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 completion of the transaction, the chief accounting officer directly owned 2,561 shares of the company's stock, valued at $385,763.43. This trade represents a 57.59% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Down 0.1%

Shares of 3M stock traded down $0.23 on Friday, hitting $155.29. 2,052,950 shares of the company traded hands, compared to its average volume of 2,824,897. The company has a 50-day moving average price of $153.80 and a 200 day moving average price of $147.67. 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 12-month low of $121.98 and a 12-month high of $164.15. The company has a market cap of $82.71 billion, a PE ratio of 21.60, a PEG ratio of 3.00 and a beta of 1.04.

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. The firm had revenue of $6.16 billion during 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%. 3M's revenue for the quarter was up 1.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.93 earnings per share. Sell-side 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. The ex-dividend date of this dividend is Monday, August 25th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. 3M's dividend payout ratio is currently 40.61%.

Analysts Set New Price Targets

MMM has been the topic of several research reports. Barclays set a $170.00 price target on 3M in a report on Friday, July 18th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Saturday, August 30th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price target on 3M in a report on Friday, July 18th. Finally, Citigroup boosted their target price on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $161.78.

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.