3M (NYSE:MMM) Stock Position Decreased by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC cut its holdings in shares of 3M (NYSE:MMM - Free Report) by 62.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,688 shares of the conglomerate's stock after selling 6,091 shares during the period. Gateway Investment Advisers LLC's holdings in 3M were worth $542,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Geode Capital Management LLC increased its stake in 3M by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock valued at $1,493,655,000 after purchasing an additional 280,048 shares in the last quarter. Northern Trust Corp increased its holdings in 3M by 12.6% in the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after buying an additional 755,155 shares in the last quarter. Capital World Investors grew its stake in 3M by 25.4% in the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after acquiring an additional 1,248,093 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock worth $734,456,000 after buying an additional 479,621 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of 3M in the 4th quarter worth $636,767,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Up 1.5%

3M stock traded up $2.12 during midday trading on Wednesday, reaching $147.18. The stock had a trading volume of 2,903,354 shares, compared to its average volume of 3,860,704. The stock has a market capitalization of $79.21 billion, a PE ratio of 19.49, a price-to-earnings-growth ratio of 3.30 and a beta of 1.03. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The stock's 50-day simple moving average is $141.21 and its 200 day simple moving average is $141.57. 3M has a twelve month low of $98.26 and a twelve month high of $156.35.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $5.80 billion during the quarter, compared to analysts' expectations of $5.78 billion. Analysts expect that 3M will post 7.8 EPS for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.98%. 3M's dividend payout ratio is presently 36.87%.

Analysts Set New Price Targets

MMM has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price objective on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Bank of America lifted their price objective on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Barclays upped their target price on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. Citigroup lifted their price target on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Saturday, May 24th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $153.46.

Insiders Place Their Bets

In related news, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president now directly owns 6,127 shares in the company, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the sale, the executive vice president now owns 31,372 shares in the company, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is 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.