Financial Engines Advisors L.L.C. reduced its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 39.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,889 shares of the conglomerate's stock after selling 2,488 shares during the quarter. Financial Engines Advisors L.L.C.'s holdings in 3M were worth $572,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the business. Ensign Peak Advisors Inc raised its position in shares of 3M by 29.2% in the fourth quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock valued at $82,921,000 after purchasing an additional 145,146 shares during the period. Financial Gravity Asset Management Inc. bought a new position in shares of 3M in the 1st quarter worth $2,506,000. Synergy Asset Management LLC increased its holdings in shares of 3M by 122.7% in the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock worth $663,000 after buying an additional 2,486 shares during the last quarter. Northstar Group Inc. bought a new position in shares of 3M in the 1st quarter worth $262,000. Finally, Dynamic Advisor Solutions LLC bought a new position in shares of 3M in the 1st quarter worth $786,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at 3M
In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction on 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 of the company's stock, valued at $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M 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 transaction, the executive vice president directly owned 31,372 shares of the company's stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,401 shares of company stock valued at $2,600,803. 0.34% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the stock. Barclays set a $170.00 price target on shares of 3M in a research report on Friday, July 18th. Royal Bank Of Canada increased 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. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Thursday. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a report on Friday, July 18th. Finally, Citigroup upped their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $158.10.
Read Our Latest Stock Report on 3M
3M Stock Down 2.8%
MMM stock traded down $4.39 during trading on Friday, hitting $152.26. 3,921,103 shares of the stock traded hands, compared to its average volume of 3,875,243. 3M Company has a 1 year low of $121.98 and a 1 year high of $164.15. The firm's 50 day moving average is $150.84 and its two-hundred day moving average is $147.19. The stock has a market cap of $81.10 billion, a price-to-earnings ratio of 21.18, a price-to-earnings-growth ratio of 3.10 and a beta of 1.05. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20.
3M (NYSE:MMM - Get Free Report) last released its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. The company had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The firm's revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.93 EPS. On average, sell-side analysts anticipate that 3M Company will post 7.8 EPS for the current year.
3M Company Profile
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Free Report)
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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