ING Groep NV Sells 177,379 Shares of 3M Company (NYSE:MMM)

ING Groep NV lowered its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 96.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,361 shares of the conglomerate's stock after selling 177,379 shares during the period. ING Groep NV's holdings in 3M were worth $934,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Northern Trust Corp boosted its position in shares of 3M by 12.6% in the 4th 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 in the last quarter. Capital World Investors raised its stake in 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after buying an additional 1,248,093 shares during the last quarter. Invesco Ltd. boosted its holdings in 3M by 51.6% in the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after acquiring an additional 1,520,619 shares in the last quarter. Bank of America Corp DE grew its stake in shares of 3M by 4.2% in the fourth quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock worth $551,245,000 after acquiring an additional 172,815 shares during the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of 3M by 5.7% in the fourth quarter. Janus Henderson Group PLC now owns 3,624,933 shares of the conglomerate's stock worth $467,944,000 after acquiring an additional 193,957 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Insider Buying and Selling at 3M

In other news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction that occurred on 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 represents a 56.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at approximately $385,763.43. The trade was a 57.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,151 shares of company stock worth $2,854,437 in the last three months. 0.34% of the stock is currently owned by company insiders.

3M Trading Up 0.6%

NYSE:MMM opened at $150.99 on Thursday. The company has a market cap of $80.42 billion, a PE ratio of 21.00, a price-to-earnings-growth ratio of 2.90 and a beta of 1.05. 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 company has a 50 day simple moving average of $149.84 and a two-hundred day simple moving average of $146.86. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15.

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

3M Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MMM. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Tuesday, July 29th. Barclays set a $170.00 price objective on shares of 3M in a report on Friday, July 18th. Royal Bank Of Canada upped their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Finally, Citigroup lifted their target price on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average 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.

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Company (NYSE:MMM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.