Gulf International Bank UK Ltd Has $4.55 Million Stake in 3M Company (NYSE:MMM)

Key Points

• Gulf International Bank UK Ltd reduced its stake in 3M Company by 28.2%, leaving them with 31,004 shares valued at approximately $4.55 million.
• Recent research reports reflect a mix of opinions, with Citigroup raising the price target for 3M from $141.00 to $160.00 while maintaining a "neutral" rating.
• 3M reported earnings of $2.16 per share, exceeding estimates, with a revenue of $6.16 billion for the last quarter—an increase of 1.4% from the previous year.

Gulf International Bank UK Ltd decreased its position in 3M Company (NYSE:MMM - Free Report) by 28.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,004 shares of the conglomerate's stock after selling 12,180 shares during the quarter. Gulf International Bank UK Ltd's holdings in 3M were worth $4,553,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MMM. REAP Financial Group LLC increased its stake in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after buying an additional 94 shares during the last quarter. Curat Global LLC acquired a new stake in 3M in the 1st quarter valued at $29,000. Pinney & Scofield Inc. acquired a new stake in 3M in the 4th quarter valued at $28,000. Intelligent Financial Strategies acquired a new stake in 3M in the 1st quarter valued at $42,000. Finally, Investment Management Corp VA ADV increased its stake in 3M by 173.6% in the 1st quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate's stock valued at $44,000 after buying an additional 191 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Wall Street Analyst Weigh In

MMM has been the topic of several recent research reports. 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 note on Friday, May 30th. Barclays set a $170.00 price target on shares of 3M in a research note on Friday, July 18th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Tuesday, July 29th. Royal Bank Of Canada lifted their price target on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a research note on Friday, July 18th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, 3M presently has an average rating of "Hold" and an average price target of $158.10.

3M Stock Up 1.5%

3M stock opened at $160.26 on Thursday. The firm has a market capitalization of $85.36 billion, a PE ratio of 22.29, a P/E/G ratio of 3.06 and a beta of 1.05. The company's 50-day moving average is $150.62 and its 200-day moving average is $147.15. 3M Company has a fifty-two week low of $121.98 and a fifty-two 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.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping the consensus estimate of $2.01 by $0.15. The business had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. 3M's revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.93 EPS. Sell-side analysts anticipate that 3M Company will post 7.8 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction dated 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 sale, the chief accounting officer owned 2,561 shares of the company's stock, valued at approximately $385,763.43. The trade was a 57.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 sale, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,401 shares of company stock valued at $2,600,803. Company insiders own 0.34% of the company's stock.

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.

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