Empowered Funds LLC Has $7.20 Million Stock Holdings in 3M Company $MMM

Key Points

• Empowered Funds LLC reduced its stake in 3M Company by 11.5%, holding 49,001 shares valued at approximately $7.20 million following the sale of 6,388 shares during the first quarter.
• 3M reported earnings of $2.16 per share for the last quarter, exceeding analysts' expectations of $2.01, with revenues reaching $6.16 billion and a year-over-year revenue increase of 1.4%.
• The company declared a quarterly dividend of $0.73, with a dividend yield of 1.9%, and has a payout ratio of approximately 40.61%.

Empowered Funds LLC decreased its position in shares of 3M Company (NYSE:MMM - Free Report) by 11.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,001 shares of the conglomerate's stock after selling 6,388 shares during the quarter. Empowered Funds LLC's holdings in 3M were worth $7,196,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of MMM. Caitong International Asset Management Co. Ltd bought a new position in shares of 3M during the first quarter worth $28,000. WPG Advisers LLC bought a new position in 3M during the first quarter worth about $28,000. REAP Financial Group LLC grew its stake in 3M by 88.7% in 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 period. Curat Global LLC acquired a new stake in shares of 3M during the first quarter worth about $29,000. Finally, Saudi Central Bank bought a new position in shares of 3M during the 1st quarter valued at about $31,000. Institutional investors own 65.25% of the company's stock.

3M Trading Up 0.3%

Shares of NYSE:MMM opened at $153.47 on Thursday. The company's 50-day moving average price is $153.80 and its two-hundred day moving average price is $147.79. 3M Company has a one year low of $121.98 and a one year 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. The stock has a market capitalization of $81.74 billion, a PE ratio of 21.34, a price-to-earnings-growth ratio of 2.78 and a beta of 1.04.

3M (NYSE:MMM - Get Free Report) last released its 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. 3M had a return on equity of 96.48% and a net margin of 16.01%.The business 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 earnings per share. 3M's quarterly revenue was up 1.4% on a year-over-year basis. On average, equities analysts forecast that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, August 25th. 3M's dividend payout ratio is presently 40.61%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Saturday, August 30th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research note on Friday, July 18th. Barclays set a $170.00 price target on 3M in a research note on Friday, July 18th. Finally, Citigroup upped their price objective on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, 3M has a consensus rating of "Moderate Buy" and a consensus price target of $161.78.

Insider Buying and Selling at 3M

In other news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the transaction, the chief accounting officer owned 2,561 shares of the company's stock, valued at $385,763.43. This trade represents a 57.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at 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 completion of the sale, 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. 0.34% of the stock is currently owned by company insiders.

3M Company 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.

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