Groupama Asset Managment Sells 9,982 Shares of 3M Company $MMM

Key Points

• Groupama Asset Management has reduced its stake in 3M Company by 61.7%, selling 9,982 shares and retaining 6,192 shares worth approximately $897,000.
• Several institutional investors have recently adjusted their positions in 3M, with Ensign Peak Advisors increasing its stake by 29.2% and new investments from firms like Financial Gravity Asset Management and Dynamic Advisor Solutions.
• 3M announced a quarterly dividend of $0.73 per share, translating to an annual yield of 1.9%, with a payout ratio of 40.61%.

Groupama Asset Managment reduced its stake in shares of 3M Company (NYSE:MMM - Free Report) by 61.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,192 shares of the conglomerate's stock after selling 9,982 shares during the quarter. Groupama Asset Managment's holdings in 3M were worth $897,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of MMM. Nuveen LLC bought a new stake in shares of 3M during the first quarter valued at about $235,020,000. D1 Capital Partners L.P. bought a new stake in 3M in the fourth quarter worth about $175,110,000. Northern Trust Corp lifted its holdings in 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after acquiring an additional 755,155 shares during the last quarter. J. Goldman & Co LP acquired a new stake in 3M in the 4th quarter valued at about $63,471,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in 3M in the 4th quarter valued at about $51,289,000. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MMM. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a report on Friday, July 18th. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a report on Friday, July 18th. Citigroup upped their price target on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Barclays set a $170.00 price target on shares of 3M in a report on Friday, July 18th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a report on Thursday, August 14th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $158.10.

Insider Transactions at 3M

In other news, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the transaction, the chief accounting officer owned 2,561 shares in the company, valued at $385,763.43. This represents a 57.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the transaction, the insider owned 2,900 shares in the company, valued at $435,522. This represents a 68.01% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

3M Trading Up 2.7%

MMM stock traded up $4.1990 during mid-day trading on Friday, reaching $158.5790. 1,958,212 shares of the stock traded hands, compared to its average volume of 3,356,141. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15. The company has a market cap of $84.46 billion, a P/E ratio of 22.06, a P/E/G ratio of 3.07 and a beta of 1.05. The stock's fifty day moving average is $152.00 and its 200-day moving average is $147.26.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. The company had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business's quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.93 earnings per share. As a group, sell-side analysts expect that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 1.8%. 3M's dividend payout ratio is 40.61%.

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.