KBC Group NV Sells 50,469 Shares of 3M Company (NYSE:MMM)

KBC Group NV lessened its holdings in 3M Company (NYSE:MMM - Free Report) by 14.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 298,861 shares of the conglomerate's stock after selling 50,469 shares during the period. KBC Group NV owned about 0.06% of 3M worth $43,891,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. REAP Financial Group LLC boosted its position in 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after acquiring an additional 94 shares in the last quarter. Curat Global LLC purchased a new stake in shares of 3M during the 1st quarter worth $29,000. Hazlett Burt & Watson Inc. bought a new stake in 3M during the fourth quarter valued at about $27,000. Pinney & Scofield Inc. purchased a new position in 3M in the fourth quarter valued at about $28,000. Finally, Intelligent Financial Strategies purchased a new position in 3M in the first quarter valued at about $42,000. 65.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction dated 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 now owns 31,372 shares in the company, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M 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 completion of the transaction, the executive vice president now owns 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.48% of the company's stock.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of recent analyst reports. Bank of America raised their price target on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Barclays increased their target price on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday, April 23rd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Friday. JPMorgan Chase & Co. increased their price objective on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Finally, Citigroup raised their price objective on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, 3M currently has an average rating of "Moderate Buy" and an average price target of $155.83.

3M Stock Up 0.9%

3M stock opened at $152.19 on Monday. 3M Company has a fifty-two week low of $98.26 and a fifty-two week high of $156.35. The company has a market cap of $81.90 billion, a PE ratio of 19.22, a PEG ratio of 3.15 and a beta of 1.03. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66. The business's 50-day simple moving average is $144.83 and its two-hundred day simple moving average is $142.95.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. 3M had a return on equity of 96.19% and a net margin of 17.79%. The firm had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. Equities analysts anticipate that 3M Company will post 7.8 EPS for the current year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.92%. 3M's payout ratio is 36.87%.

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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