Kestra Advisory Services LLC Reduces Stock Holdings in 3M Company $MMM

Key Points

• Kestra Advisory Services LLC decreased its holdings in 3M Company by 4.7%, resulting in ownership of 90,315 shares valued at approximately $13.26 million after selling 4,479 shares.
• Other institutional investors such as Northern Trust Corp and Bank of America Corp DE have increased their stakes in 3M, indicating a total ownership of 65.25% of the company's stock by institutional investors.
• 3M announced a quarterly dividend of $0.73 per share, with an annualized dividend amounting to $2.92, reflecting a dividend yield of 1.8%.

Kestra Advisory Services LLC lowered its position in 3M Company (NYSE:MMM - Free Report) by 4.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,315 shares of the conglomerate's stock after selling 4,479 shares during the quarter. Kestra Advisory Services LLC's holdings in 3M were worth $13,264,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Northern Trust Corp raised its stake in 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after purchasing an additional 755,155 shares during the last quarter. Invesco Ltd. raised its stake in 3M by 0.7% in the 1st quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate's stock valued at $660,695,000 after purchasing an additional 30,260 shares during the last quarter. Bank of America Corp DE raised its stake in 3M by 4.2% in the 4th quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock valued at $551,245,000 after purchasing an additional 172,815 shares during the last quarter. Janus Henderson Group PLC raised its stake in 3M by 5.7% in the 4th quarter. Janus Henderson Group PLC now owns 3,624,933 shares of the conglomerate's stock valued at $467,944,000 after purchasing an additional 193,957 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in 3M by 6.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,122,020 shares of the conglomerate's stock valued at $458,500,000 after purchasing an additional 199,944 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on MMM shares. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Thursday, August 14th. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research note on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price target on 3M in a report on Friday, July 18th. Barclays set a $170.00 price target on 3M in a report on Friday, July 18th. Finally, Citigroup lifted their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $158.10.

3M Stock Up 2.7%

MMM opened at $158.5790 on Friday. The stock has a market capitalization of $84.46 billion, a price-to-earnings ratio of 22.06, a price-to-earnings-growth ratio of 3.07 and a beta of 1.05. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15. 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 of $152.00 and a two-hundred day moving average of $147.26.

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

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.8%. 3M's dividend payout ratio is currently 40.61%.

Insider Activity

In other news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the transaction, the chief accounting officer directly owned 2,561 shares of the company's stock, valued at $385,763.43. The trade was a 57.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the transaction, the insider directly owned 2,900 shares in the company, valued at $435,522. This represents a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

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.

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