Guardian Investment Management Sells 2,300 Shares of 3M Company (NYSE:MMM)

Guardian Investment Management decreased its position in 3M Company (NYSE:MMM - Free Report) by 19.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,800 shares of the conglomerate's stock after selling 2,300 shares during the quarter. 3M comprises 1.2% of Guardian Investment Management's investment portfolio, making the stock its 20th largest holding. Guardian Investment Management's holdings in 3M were worth $1,431,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. RKL Wealth Management LLC bought a new position in 3M in the 1st quarter worth $335,000. Mather Group LLC. boosted its holdings in 3M by 930.2% during the first quarter. Mather Group LLC. now owns 12,743 shares of the conglomerate's stock valued at $1,871,000 after acquiring an additional 11,506 shares during the period. Alta Advisers Ltd grew its position in shares of 3M by 43.9% in the first quarter. Alta Advisers Ltd now owns 2,622 shares of the conglomerate's stock valued at $385,000 after purchasing an additional 800 shares during the last quarter. Deseret Mutual Benefit Administrators increased its stake in shares of 3M by 5.2% in the first quarter. Deseret Mutual Benefit Administrators now owns 9,967 shares of the conglomerate's stock worth $1,464,000 after purchasing an additional 492 shares during the period. Finally, Smallwood Wealth Investment Management LLC acquired a new position in shares of 3M during the 1st quarter worth about $52,000. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Activity at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction dated 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 in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the transaction, the executive vice president owned 6,127 shares in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by corporate insiders.

3M Price Performance

Shares of NYSE:MMM traded up $1.58 during midday trading on Tuesday, reaching $153.82. The company's stock had a trading volume of 3,735,092 shares, compared to its average volume of 3,790,267. 3M Company has a fifty-two week low of $98.26 and a fifty-two week high of $156.35. The business's fifty day simple moving average is $145.36 and its 200-day simple moving average is $143.10. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. The company has a market capitalization of $82.78 billion, a P/E ratio of 19.42, a P/E/G ratio of 3.15 and a beta of 1.03.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.11. The firm had revenue of $5.80 billion during the quarter, compared to analysts' expectations of $5.78 billion. 3M had a net margin of 17.79% and a return on equity of 96.19%. As a group, equities research analysts expect that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.90%. 3M's dividend payout ratio (DPR) is presently 36.87%.

Analyst Upgrades and Downgrades

MMM has been the topic of a number of research analyst reports. Citigroup raised their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Royal Bank Of Canada raised their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Friday. JPMorgan Chase & Co. increased their price target on shares of 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Finally, Bank of America boosted their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, 3M presently has an average rating of "Moderate Buy" and an average target price of $155.83.

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.