Charles Schwab Investment Management Inc. Trims Position in 3M Company (NYSE:MMM)

Key Points

• Charles Schwab Investment Management Inc. trimmed its holdings in 3M Company by 1.3%, selling 44,918 shares during the first quarter, now owning 3,532,127 shares valued at approximately $518.7 million.
• 3M recently reported quarterly earnings of $2.16 per share, exceeding analysts' expectations of $2.01, with revenues of $6.16 billion, marking a 1.4% year-over-year increase.
• 3M declared a quarterly dividend of $0.73 per share, equating to an annualized dividend yield of 1.9% and a payout ratio of 40.61%.

Charles Schwab Investment Management Inc. cut its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 1.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,532,127 shares of the conglomerate's stock after selling 44,918 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.66% of 3M worth $518,731,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. ASR Vermogensbeheer N.V. purchased a new position in 3M in the 1st quarter valued at about $14,598,000. Citizens Financial Group Inc. RI lifted its stake in 3M by 6.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 16,841 shares of the conglomerate's stock valued at $2,473,000 after buying an additional 973 shares in the last quarter. Hemington Wealth Management lifted its stake in 3M by 14.0% in the 1st quarter. Hemington Wealth Management now owns 1,341 shares of the conglomerate's stock valued at $196,000 after buying an additional 165 shares in the last quarter. Fi3 FINANCIAL ADVISORS LLC purchased a new position in 3M in the 1st quarter valued at about $270,000. Finally, Goldman Sachs Group Inc. lifted its stake in 3M by 6.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,122,020 shares of the conglomerate's stock valued at $458,500,000 after buying an additional 199,944 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president owned 6,127 shares in the company, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction 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 $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,316 shares of company stock worth $3,780,296. Insiders own 0.48% of the company's stock.

3M Stock Up 1.1%

Shares of 3M stock traded up $1.76 during trading on Tuesday, hitting $157.07. 789,771 shares of the stock were exchanged, compared to its average volume of 3,850,423. The stock has a market cap of $83.66 billion, a price-to-earnings ratio of 21.84, a price-to-earnings-growth ratio of 2.97 and a beta of 1.05. The firm's 50-day moving average price is $150.16 and its 200 day moving average price is $146.98. 3M Company has a 12-month low of $121.98 and a 12-month 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.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business had revenue of $6.16 billion during the quarter, compared to analysts' expectations of $6.09 billion. During the same period in the previous year, the company earned $1.93 EPS. The company's revenue for the quarter was up 1.4% on a year-over-year basis. As a group, analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MMM shares. Citigroup raised their price target 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. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research note on Friday, July 18th. Royal Bank Of Canada raised their target price 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. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Finally, Barclays set a $170.00 target price 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 given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $158.10.

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.