BNP PARIBAS ASSET MANAGEMENT Holding S.A. Sells 232,317 Shares of 3M Company $MMM

Key Points

• BNP PARIBAS ASSET MANAGEMENT Holding S.A. has reduced its stake in 3M Company by 49.3%, selling 232,317 shares and now holding 238,815 shares worth approximately $35 million.
• 3M's earnings exceeded expectations with an EPS of $2.16 for the last quarter, surpassing the consensus estimate of $2.01, while revenue was reported at $6.16 billion.
• The company recently announced a quarterly dividend of $0.73, representing an annual dividend of $2.92 and a yield of 1.9%.

BNP PARIBAS ASSET MANAGEMENT Holding S.A. trimmed its position in 3M Company (NYSE:MMM - Free Report) by 49.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 238,815 shares of the conglomerate's stock after selling 232,317 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A.'s holdings in 3M were worth $35,079,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in MMM. REAP Financial Group LLC increased its holdings in shares of 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after acquiring an additional 94 shares in the last quarter. Pinney & Scofield Inc. acquired a new position in 3M during the fourth quarter worth $28,000. Caitong International Asset Management Co. Ltd acquired a new position in 3M during the first quarter worth $28,000. Curat Global LLC bought a new position in shares of 3M in the first quarter valued at $29,000. Finally, Intelligent Financial Strategies acquired a new position in shares of 3M during the first quarter valued at about $42,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Trading Down 2.8%

Shares of 3M stock opened at $152.26 on Monday. The stock has a market capitalization of $81.10 billion, a P/E ratio of 21.18, a P/E/G ratio of 2.95 and a beta of 1.05. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. The stock's 50-day simple moving average is $150.97 and its 200 day simple moving average is $147.11.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping the consensus estimate of $2.01 by $0.15. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate 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 last year, the firm earned $1.93 EPS. As a group, research analysts anticipate that 3M Company will post 7.8 EPS for the current year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.9%. 3M's dividend payout ratio is currently 40.61%.

Insiders Place Their Bets

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the sale, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. This represents a 57.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 value of $1,151,202.83. Following the completion of the sale, the executive vice president directly owned 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,401 shares of company stock worth $2,600,803 in the last quarter. 0.34% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of analyst reports. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Thursday. Barclays set a $170.00 price objective on 3M in a research note on Friday, July 18th. Citigroup lifted their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Royal Bank Of Canada increased their price target on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Finally, Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, 3M has a consensus rating of "Hold" and a consensus price target of $158.10.

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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