Jupiter Asset Management Ltd. Sells 212,524 Shares of 3M Company (NYSE:MMM)

Key Points

• Jupiter Asset Management Ltd. reduced its stake in 3M Company by 30.1% in Q1, selling 212,524 shares and now holding approximately 0.09% of the company's stock, valued at $72.3 million.
• In Q1, several institutional investors modified their holdings of 3M, with notable increases including a 121.6% stake boost from Empirical Financial Services and an 11.8% increase from Natixis Advisors.
• 3M reported a quarterly earnings per share (EPS) of $2.16, exceeding analyst expectations, and declared a quarterly dividend of $0.73 per share, representing an annual yield of 2.0%.

Jupiter Asset Management Ltd. trimmed its holdings in 3M Company (NYSE:MMM - Free Report) by 30.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 492,532 shares of the conglomerate's stock after selling 212,524 shares during the quarter. Jupiter Asset Management Ltd. owned approximately 0.09% of 3M worth $72,333,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. UNIVEST FINANCIAL Corp purchased a new stake in 3M in the 1st quarter valued at about $238,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in shares of 3M by 121.6% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 4,835 shares of the conglomerate's stock valued at $710,000 after acquiring an additional 2,653 shares in the last quarter. Natixis Advisors LLC boosted its holdings in shares of 3M by 11.8% in the first quarter. Natixis Advisors LLC now owns 172,012 shares of the conglomerate's stock valued at $25,262,000 after purchasing an additional 18,122 shares during the period. NorthRock Partners LLC grew its stake in 3M by 2.0% in the first quarter. NorthRock Partners LLC now owns 15,417 shares of the conglomerate's stock worth $2,264,000 after purchasing an additional 298 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft increased its holdings in 3M by 5.7% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 19,338 shares of the conglomerate's stock worth $2,777,000 after purchasing an additional 1,039 shares during the period. 65.25% of the stock is owned by institutional investors.

3M Price Performance

Shares of MMM opened at $144.38 on Friday. The company has a 50 day moving average of $149.78 and a two-hundred day moving average of $146.65. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. 3M Company has a twelve month low of $119.31 and a twelve month high of $164.15. The company has a market cap of $76.90 billion, a price-to-earnings ratio of 20.08, a price-to-earnings-growth ratio of 2.89 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last issued 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. 3M had a return on equity of 96.48% and a net margin of 16.01%. The firm had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.09 billion. During the same quarter in the prior year, the business posted $1.93 EPS. The business's revenue for the quarter was up 1.4% compared to the same quarter last year. As a group, analysts predict that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders 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 2.0%. 3M's payout ratio is 40.61%.

Insider Transactions at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the transaction, the executive vice president directly owned 31,372 shares of the company's stock, valued at $4,654,663.64. This trade represents a 19.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president owned 6,127 shares of the company's stock, valued at $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MMM. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Tuesday. Barclays set a $170.00 target price on shares of 3M in a report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a report on Friday, July 18th. Finally, Citigroup upped their price target 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. Two analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, 3M has an average rating of "Hold" and a consensus price target 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.

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