Cresset Asset Management LLC Lowers Stake in 3M Company $MMM

Key Points

• Cresset Asset Management LLC has decreased its stake in 3M Company by 9.7%, leaving it with 38,580 shares valued at approximately $5.67 million.
• 3M recently reported an EPS of $2.16 for the quarter, exceeding analysts’ expectations, with a revenue growth of 1.4% year-over-year.
• The company announced a quarterly dividend of $0.73 per share, with a current dividend yield of 1.9%.

Cresset Asset Management LLC cut its position in 3M Company (NYSE:MMM - Free Report) by 9.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,580 shares of the conglomerate's stock after selling 4,121 shares during the period. Cresset Asset Management LLC's holdings in 3M were worth $5,666,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Brighton Jones LLC boosted its holdings in shares of 3M by 26.6% in the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock valued at $1,149,000 after buying an additional 1,872 shares in the last quarter. Gabelli Funds LLC boosted its stake in 3M by 7.1% during the 4th quarter. Gabelli Funds LLC now owns 3,000 shares of the conglomerate's stock worth $387,000 after purchasing an additional 200 shares during the period. Commerce Bank boosted its stake in 3M by 0.3% during the 4th quarter. Commerce Bank now owns 61,553 shares of the conglomerate's stock worth $7,946,000 after purchasing an additional 180 shares during the period. Forum Financial Management LP boosted its stake in 3M by 58.5% during the 4th quarter. Forum Financial Management LP now owns 3,170 shares of the conglomerate's stock worth $409,000 after purchasing an additional 1,170 shares during the period. Finally, First Trust Advisors LP boosted its stake in 3M by 6.3% during the 4th quarter. First Trust Advisors LP now owns 557,154 shares of the conglomerate's stock worth $71,923,000 after purchasing an additional 32,952 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Price Performance

Shares of MMM traded up $0.2740 during trading hours on Wednesday, reaching $154.6140. The company had a trading volume of 3,258,192 shares, compared to its average volume of 3,573,253. The firm has a 50 day simple moving average of $151.33 and a 200-day simple moving average of $147.17. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The company has a market capitalization of $82.35 billion, a price-to-earnings ratio of 21.50, a PEG ratio of 2.99 and a beta of 1.05. 3M Company has a 12-month low of $121.98 and a 12-month high of $164.15.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. The business 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%. The business's revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.93 EPS. Research analysts expect that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

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

Insider Buying and Selling at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the transaction, the insider owned 2,900 shares of the company's stock, valued at $435,522. This trade represents a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 17,401 shares of company stock worth $2,600,803. 0.34% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. 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. Barclays set a $170.00 target price on shares of 3M in a research note on Friday, July 18th. Citigroup raised their target price on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research note on Thursday, August 14th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, 3M has an average rating of "Hold" and an average target price of $158.10.

About 3M

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.