IFG Advisory LLC Cuts Holdings in 3M Company (NYSE:MMM)

Key Points

• IFG Advisory LLC reduced its stake in 3M Company by 59.6%, holding 9,616 shares worth approximately $1.41 million after selling 14,182 shares during the first quarter.
• Several institutional investors, including Invesco Ltd. and Capital World Investors, have increased their holdings in 3M, with Invesco raising its stake by 51.6% in the fourth quarter.
$2.16 EPS against a consensus estimate of $2.01, contributing to a revenue increase of 1.4% year-over-year.

IFG Advisory LLC reduced its stake in 3M Company (NYSE:MMM - Free Report) by 59.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,616 shares of the conglomerate's stock after selling 14,182 shares during the period. IFG Advisory LLC's holdings in 3M were worth $1,412,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MMM. Northern Trust Corp boosted its holdings in 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock worth $871,738,000 after purchasing an additional 755,155 shares during the last quarter. Capital World Investors boosted its holdings in 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Invesco Ltd. boosted its holdings in 3M by 51.6% during the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after purchasing an additional 1,520,619 shares during the last quarter. Bank of America Corp DE boosted its holdings in 3M by 4.2% during the fourth quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock worth $551,245,000 after purchasing an additional 172,815 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in 3M by 5.7% during the fourth quarter. Janus Henderson Group PLC now owns 3,624,933 shares of the conglomerate's stock worth $467,944,000 after purchasing an additional 193,957 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

3M Stock Performance

Shares of NYSE MMM traded up $2.14 during midday trading on Tuesday, hitting $150.01. The company's stock had a trading volume of 3,694,441 shares, compared to its average volume of 4,239,885. The stock has a fifty day moving average price of $149.78 and a 200 day moving average price of $146.81. 3M Company has a one year low of $121.98 and a one year high of $164.15. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The firm has a market capitalization of $79.90 billion, a price-to-earnings ratio of 20.86, a P/E/G ratio of 2.86 and a beta of 1.05.

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

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. 3M's dividend payout ratio (DPR) is presently 40.61%.

Insider Buying and Selling

In related news, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the sale, the executive vice president owned 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction that occurred 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 sale, the executive vice president directly owned 31,372 shares in the company, valued at $4,654,663.64. This trade represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Citigroup boosted their price target on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research report on Friday, July 18th. Barclays set a $170.00 price objective on shares of 3M in a research report on Friday, July 18th. Royal Bank Of Canada lifted their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Tuesday, July 29th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, 3M currently has a consensus rating of "Hold" and a consensus price target of $158.10.

About 3M

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.