Bank of New York Mellon Corp reduced its position in shares of 3M Company (NYSE:MMM - Free Report) by 1.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,598,062 shares of the conglomerate's stock after selling 91,424 shares during the quarter. Bank of New York Mellon Corp owned 1.04% of 3M worth $822,131,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of MMM. Proficio Capital Partners LLC bought a new stake in shares of 3M in the fourth quarter worth approximately $26,000. REAP Financial Group LLC grew its stake in shares of 3M by 88.7% in 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 period. Hazlett Burt & Watson Inc. bought a new stake in shares of 3M in the fourth quarter worth approximately $27,000. Pinney & Scofield Inc. bought a new stake in shares of 3M in the fourth quarter worth approximately $28,000. Finally, Curat Global LLC bought a new stake in shares of 3M in the first quarter worth approximately $29,000. 65.25% of the stock is currently owned by institutional investors.
Insider Activity at 3M
In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction that occurred 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 transaction, the executive vice president owned 6,127 shares of the company's stock, valued at $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the transaction, the executive vice president directly owned 31,372 shares in the company, valued at $4,654,663.64. This trade represents a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.
3M Price Performance
Shares of NYSE:MMM opened at $152.23 on Friday. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. 3M Company has a 1-year low of $98.26 and a 1-year high of $156.35. The company has a market capitalization of $81.92 billion, a P/E ratio of 19.22, a P/E/G ratio of 2.99 and a beta of 1.02. The firm's 50 day simple moving average is $146.63 and its two-hundred day simple moving average is $143.70.
3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a net margin of 17.79% and a return on equity of 96.19%. The business had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. Research analysts expect that 3M Company will post 7.8 EPS for the current fiscal year.
3M Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.92%. 3M's dividend payout ratio is currently 36.87%.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on MMM. Barclays lifted their price target on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 23rd. Royal Bank Of Canada lifted their price target on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. lifted their price target on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Wells Fargo & Company raised their price objective on shares of 3M from $150.00 to $170.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Finally, Citigroup raised their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $155.83.
Check Out Our Latest Analysis on 3M
3M Company Profile
(
Free Report)
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.
Further Reading

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