3M Company (NYSE:MMM) Shares Sold by Coastwise Capital Group LLC

Coastwise Capital Group LLC lessened its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 63.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,831 shares of the conglomerate's stock after selling 3,116 shares during the quarter. Coastwise Capital Group LLC's holdings in 3M were worth $269,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Ensign Peak Advisors Inc grew its position in shares of 3M by 29.2% in the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock worth $82,921,000 after acquiring an additional 145,146 shares in the last quarter. Financial Gravity Asset Management Inc. acquired a new position in shares of 3M in the 1st quarter worth approximately $2,506,000. Allstate Corp acquired a new position in shares of 3M in the 4th quarter worth approximately $2,101,000. Synergy Asset Management LLC grew its position in shares of 3M by 122.7% in the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock worth $663,000 after acquiring an additional 2,486 shares in the last quarter. Finally, Northstar Group Inc. acquired a new position in shares of 3M in the 1st quarter worth approximately $262,000. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Stock Performance

3M stock traded down $5.23 during mid-day trading on Friday, hitting $153.81. 11,699,665 shares of the company's stock traded hands, compared to its average volume of 3,841,190. The firm has a 50 day moving average price of $149.91 and a 200 day moving average price of $145.54. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The company has a market cap of $82.78 billion, a PE ratio of 21.39, a price-to-earnings-growth ratio of 2.98 and a beta of 1.02. 3M Company has a one year low of $101.77 and a one year high of $164.15.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $6.09 billion. During the same quarter in the previous year, the business earned $1.93 EPS. The company's quarterly revenue was up 1.4% compared to the same quarter last year. On average, equities analysts forecast that 3M Company will post 7.8 EPS for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.90%. 3M's dividend payout ratio is presently 36.87%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MMM. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Saturday, July 12th. Royal Bank Of Canada boosted their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Citigroup boosted their price objective on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research report on Friday. Finally, JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research report on Friday. Two equities research 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. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $156.33.

Insiders Place Their Bets

In other news, 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 value of $1,151,202.83. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the sale, the executive vice president directly owned 6,127 shares in the company, valued at $913,045.54. This represents a 56.37% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.

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.