Financial Advisors Network Inc. Lowers Stake in 3M Company $MMM

Key Points

• Financial Advisors Network Inc. reduced its position in 3M Company by 54.2%, ending the first quarter with 1,719 shares worth $252,000.
• Insider activity revealed significant sales, including 3,477 shares sold by CAO Theresa E. Reinseth, totaling over $523,000.
• 3M reported a quarterly EPS of $2.16, exceeding estimates and reflecting a 1.4% increase in revenue year-over-year.

Financial Advisors Network Inc. trimmed its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 54.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,719 shares of the conglomerate's stock after selling 2,033 shares during the quarter. Financial Advisors Network Inc.'s holdings in 3M were worth $252,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. REAP Financial Group LLC grew 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 worth $26,000 after purchasing an additional 94 shares in the last quarter. Pinney & Scofield Inc. purchased a new stake in 3M in the fourth quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd bought a new stake in 3M during the first quarter valued at approximately $28,000. Curat Global LLC purchased a new position in 3M in the 1st quarter worth approximately $29,000. Finally, Intelligent Financial Strategies bought a new position in shares of 3M in the 1st quarter worth $42,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MMM. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Barclays set a $170.00 price target on shares of 3M in a research note on Friday, July 18th. Royal Bank Of Canada raised their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a report on Friday, July 18th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Thursday, August 14th. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $158.10.

Insider Activity

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the transaction, the chief accounting officer owned 2,561 shares in the company, valued at approximately $385,763.43. This represents a 57.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction that occurred 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 of the company's stock, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,401 shares of company stock valued at $2,600,803. Corporate insiders own 0.34% of the company's stock.

3M Trading Down 0.3%

MMM traded down $0.4080 during midday trading on Thursday, reaching $154.3420. 2,236,695 shares of the company's stock traded hands, compared to its average volume of 3,487,335. 3M Company has a 52 week low of $121.98 and a 52 week 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 firm has a fifty day moving average of $151.67 and a two-hundred day moving average of $147.25. The stock has a market capitalization of $82.21 billion, a price-to-earnings ratio of 21.47, a P/E/G ratio of 2.99 and a beta of 1.05.

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, topping analysts' consensus estimates 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 return on equity of 96.48% and a net margin of 16.01%.The business's quarterly revenue was up 1.4% compared to the same quarter last year. During the same period last year, the company earned $1.93 EPS. On average, equities analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

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

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.