Ceredex Value Advisors LLC Sells 283,005 Shares of 3M Company $MMM

Key Points

• Ceredex Value Advisors LLC reduced its holdings in 3M Company (MMM) by 44.8%, selling 283,005 shares, meaning they now own approximately 348,201 shares valued at $51.1 million.
• Despite the sale, several other institutional investors increased their positions in 3M, with The Manufacturers Life Insurance Company raising its stake by 55.9% during the fourth quarter.
• 3M announced a quarterly dividend of $0.73 per share, equating to a 1.9% dividend yield, and scheduled for payment on September 12th for investors of record on August 25th.

Ceredex Value Advisors LLC lowered its position in shares of 3M Company (NYSE:MMM - Free Report) by 44.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 348,201 shares of the conglomerate's stock after selling 283,005 shares during the period. 3M comprises about 1.1% of Ceredex Value Advisors LLC's portfolio, making the stock its 24th biggest position. Ceredex Value Advisors LLC owned about 0.06% of 3M worth $51,137,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of MMM. Brighton Jones LLC increased its holdings in 3M by 26.6% in the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after purchasing an additional 1,872 shares in the last quarter. Berger Financial Group Inc increased its holdings in 3M by 1.7% in the 4th quarter. Berger Financial Group Inc now owns 9,457 shares of the conglomerate's stock worth $1,221,000 after purchasing an additional 160 shares in the last quarter. Beacon Pointe Advisors LLC increased its holdings in 3M by 11.3% in the 4th quarter. Beacon Pointe Advisors LLC now owns 91,480 shares of the conglomerate's stock worth $11,809,000 after purchasing an additional 9,323 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in 3M by 55.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 573,293 shares of the conglomerate's stock worth $74,006,000 after purchasing an additional 205,661 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock worth $871,738,000 after purchasing an additional 755,155 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Activity

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $150.18, for a total transaction of $925,859.70. Following the sale, the insider owned 2,900 shares in the company, valued at $435,522. This represents a 68.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction dated 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 owned 2,561 shares in the company, valued at approximately $385,763.43. The trade was 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.

3M Stock Down 1.8%

Shares of 3M stock opened at $155.91 on Tuesday. 3M Company has a one year low of $121.98 and a one year high of $164.15. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. The stock's 50-day moving average is $152.22 and its 200 day moving average is $147.27. The firm has a market cap of $83.04 billion, a price-to-earnings ratio of 21.68, a PEG ratio of 3.07 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating the consensus estimate of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%.The company had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same quarter in the prior year, the company earned $1.93 EPS. The firm's revenue for the quarter was up 1.4% compared to the same quarter last year. Equities research analysts anticipate that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Citigroup upped their target price on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Barclays set a $170.00 target price on 3M in a report on Friday, July 18th. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price target on 3M in a research report on Friday, July 18th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Thursday, August 14th. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price 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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