Dupree Financial Group LLC Sells 24,985 Shares of 3M Company (NYSE:MMM)

Dupree Financial Group LLC cut its position in shares of 3M Company (NYSE:MMM - Free Report) by 89.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,806 shares of the conglomerate's stock after selling 24,985 shares during the period. Dupree Financial Group LLC's holdings in 3M were worth $412,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Proficio Capital Partners LLC acquired a new stake in 3M during the 4th quarter worth about $26,000. REAP Financial Group LLC raised its holdings in shares of 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after acquiring an additional 94 shares during the last quarter. Hazlett Burt & Watson Inc. acquired a new position in 3M during the fourth quarter worth about $27,000. Pinney & Scofield Inc. acquired a new stake in shares of 3M in the fourth quarter valued at approximately $28,000. Finally, Curat Global LLC acquired a new position in shares of 3M during the 1st quarter valued at about $29,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other 3M 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 completion of the transaction, the executive vice president directly 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M 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 sale, the executive vice president directly owned 6,127 shares of the company's stock, valued at approximately $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 company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Barclays boosted their price target on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. raised their price objective on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. 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 report on Friday, May 30th. Wells Fargo & Company raised their price target on 3M from $150.00 to $170.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Finally, Royal Bank Of Canada increased their price objective on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $155.83.

3M Stock Performance

MMM opened at $152.23 on Monday. The stock's 50 day simple moving average is $146.63 and its 200 day simple moving average is $143.82. The stock has a market cap of $81.92 billion, a P/E ratio of 19.22, a P/E/G ratio of 2.99 and a beta of 1.02. 3M Company has a 1-year low of $98.26 and a 1-year high of $156.35. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The firm had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. 3M had a return on equity of 96.19% and a net margin of 17.79%. As a group, equities analysts anticipate that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.92%. 3M's dividend payout ratio is presently 36.87%.

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.

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