Cerity Partners LLC Sells 13,428 Shares of 3M Company (NYSE:MMM)

Cerity Partners LLC lessened its position in 3M Company (NYSE:MMM - Free Report) by 2.1% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 629,300 shares of the conglomerate's stock after selling 13,428 shares during the period. Cerity Partners LLC owned approximately 0.12% of 3M worth $92,419,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of MMM. Proficio Capital Partners LLC acquired a new position in 3M during the fourth quarter worth $26,000. REAP Financial Group LLC raised its holdings in shares of 3M by 88.7% in the 4th 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 last quarter. Hazlett Burt & Watson Inc. bought a new position in 3M in the 4th quarter valued at about $27,000. Pinney & Scofield Inc. acquired a new position in 3M during the 4th quarter valued at about $28,000. Finally, Curat Global LLC bought a new stake in 3M during the 1st quarter worth approximately $29,000. Institutional investors own 65.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on MMM shares. Wells Fargo & Company raised their target price on 3M from $150.00 to $170.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Royal Bank Of Canada lifted their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Friday, June 27th. JPMorgan Chase & Co. raised their price target on shares of 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Finally, Barclays upped their price objective on shares of 3M from $164.00 to $170.00 and gave the stock an "overweight" rating in a research report on Wednesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $156.33.

3M Stock Performance

NYSE:MMM traded down $1.59 on Friday, reaching $155.73. 2,401,071 shares of the company's stock were exchanged, compared to its average volume of 3,801,196. The firm has a market cap of $83.81 billion, a price-to-earnings ratio of 19.66, a P/E/G ratio of 3.07 and a beta of 1.02. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. The stock has a fifty day simple moving average of $147.95 and a 200-day simple moving average of $144.32. 3M Company has a 52 week low of $100.87 and a 52 week high of $159.47.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping 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 company had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. As a group, sell-side analysts predict that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.88%. 3M's payout ratio is 36.87%.

Insider Transactions at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the business's 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 completion of the transaction, the executive vice president owned 31,372 shares of the company's stock, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the sale, the executive vice president directly owned 6,127 shares in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

3M 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.