IQ EQ FUND MANAGEMENT IRELAND Ltd Sells 2,746 Shares of 3M Company (NYSE:MMM)

Key Points

• IQ EQ FUND MANAGEMENT IRELAND Ltd sold 2,746 shares of 3M Company, reducing its holdings by 66.3%, leaving it with 1,398 shares valued at approximately $205,000.
• 3M recently reported earnings of $2.16 per share for the quarter, exceeding estimates, while revenue increased by 1.4% year-over-year to $6.16 billion.
• 3M announced a quarterly dividend of $0.73 per share, with a 1.9% dividend yield and a payout ratio of 40.61%.

IQ EQ FUND MANAGEMENT IRELAND Ltd lessened its position in shares of 3M Company (NYSE:MMM - Free Report) by 66.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,398 shares of the conglomerate's stock after selling 2,746 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in 3M were worth $205,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Earned Wealth Advisors LLC grew its holdings in shares of 3M by 41.3% in the 1st quarter. Earned Wealth Advisors LLC now owns 2,518 shares of the conglomerate's stock valued at $370,000 after acquiring an additional 736 shares in the last quarter. NewEdge Wealth LLC grew its holdings in shares of 3M by 2.8% in the 1st quarter. NewEdge Wealth LLC now owns 247,344 shares of the conglomerate's stock valued at $36,325,000 after acquiring an additional 6,819 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of 3M by 5.5% in the 1st quarter. Commonwealth Equity Services LLC now owns 462,374 shares of the conglomerate's stock valued at $67,904,000 after acquiring an additional 24,122 shares in the last quarter. Blair William & Co. IL grew its holdings in shares of 3M by 4.4% in the 1st quarter. Blair William & Co. IL now owns 86,264 shares of the conglomerate's stock valued at $12,669,000 after acquiring an additional 3,645 shares in the last quarter. Finally, UNIVEST FINANCIAL Corp bought a new position in 3M during the first quarter worth about $238,000. Institutional investors own 65.25% of the company's stock.

Insider Activity

In related news, EVP Zoe L. Dickson sold 7,915 shares of the company's 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 sale, 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the company's 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 completion of the sale, the executive vice president owned 31,372 shares in the company, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,316 shares of company stock worth $3,780,296 in the last three months. Corporate insiders own 0.34% of the company's stock.

3M Price Performance

MMM traded up $1.59 during trading on Friday, hitting $153.33. 2,375,683 shares of the stock traded hands, compared to its average volume of 4,166,032. 3M Company has a twelve month low of $121.98 and a twelve month high of $164.15. The company has a market cap of $81.67 billion, a price-to-earnings ratio of 21.33, a PEG ratio of 2.94 and a beta of 1.05. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. The business has a 50 day moving average price of $149.98 and a 200 day moving average price of $146.98.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating 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%. The company's revenue was up 1.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.93 earnings per share. Equities research analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

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 $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.9%. 3M's payout ratio is 40.61%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Royal Bank Of Canada lifted their price target on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Citigroup raised their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. Wells Fargo & Company restated an "overweight" rating 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. Finally, Weiss Ratings restated 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 stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $158.10.

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.