Cypress Capital Group Has $7 Million Position in 3M Company (NYSE:MMM)

Key Points

• Cypress Capital Group reduced its holdings in 3M Company by 12.1%, selling 6,558 shares and now owning 47,690 shares worth approximately $7 million.
• 3M recently announced a quarterly dividend of $0.73 per share, translating to an annualized yield of 1.9% and a payout ratio of 40.61%.
• The company reported a Q2 earnings per share of $2.16, exceeding analyst estimates of $2.01, alongside a revenue of $6.16 billion for the quarter.

Cypress Capital Group lessened its stake in 3M Company (NYSE:MMM - Free Report) by 12.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 47,690 shares of the conglomerate's stock after selling 6,558 shares during the period. Cypress Capital Group's holdings in 3M were worth $7,004,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Motley Fool Asset Management LLC boosted its position in shares of 3M by 0.9% during the 1st quarter. Motley Fool Asset Management LLC now owns 25,253 shares of the conglomerate's stock valued at $3,709,000 after purchasing an additional 233 shares in the last quarter. Independent Advisor Alliance boosted its position in shares of 3M by 4.5% during the 1st quarter. Independent Advisor Alliance now owns 27,364 shares of the conglomerate's stock valued at $4,019,000 after purchasing an additional 1,182 shares in the last quarter. First American Trust FSB bought a new position in shares of 3M during the 1st quarter valued at about $7,349,000. SouthState Corp boosted its position in shares of 3M by 15.0% during the 1st quarter. SouthState Corp now owns 6,387 shares of the conglomerate's stock valued at $938,000 after purchasing an additional 832 shares in the last quarter. Finally, CCM Investment Group LLC bought a new position in shares of 3M during the 1st quarter valued at about $5,141,000. Institutional investors own 65.25% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MMM. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research note on Friday, July 18th. Royal Bank Of Canada upped their price objective on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Tuesday, July 29th. Finally, Barclays set a $170.00 price objective on shares of 3M in a research note on Friday, July 18th. Two analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $158.10.

3M Stock Up 1.5%

Shares of NYSE:MMM traded up $2.41 during midday trading on Wednesday, hitting $160.26. 3,131,997 shares of the stock were exchanged, compared to its average volume of 4,168,899. The company has a market capitalization of $85.36 billion, a PE ratio of 22.29, a P/E/G ratio of 3.06 and a beta of 1.05. The business's fifty day simple moving average is $150.62 and its two-hundred day simple moving average is $147.15. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15.

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

Insider Activity at 3M

In other news, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction on 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. This trade represents a 57.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the sale, the executive vice president owned 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,316 shares of company stock worth $3,780,296. Insiders own 0.34% of the company's stock.

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.