Kestra Investment Management LLC Sells 5,332 Shares of 3M Company $MMM

Key Points

• Kestra Investment Management LLC sold 5,332 shares of 3M Company, reducing its holdings by 73.2%, leaving it with 1,953 shares valued at approximately $287,000.
• 3M Company reported earnings of $2.16 per share for the last quarter, exceeding analyst expectations by $0.15, with revenue reaching $6.16 billion.
• The company announced a quarterly dividend of $0.73 per share, which will be paid on September 12th, demonstrating a 1.9% yield on an annualized basis.

Kestra Investment Management LLC lessened its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 73.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,953 shares of the conglomerate's stock after selling 5,332 shares during the period. Kestra Investment Management LLC's holdings in 3M were worth $287,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. TCV Trust & Wealth Management Inc. boosted its stake in 3M by 1.1% during the 1st quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate's stock valued at $954,000 after purchasing an additional 73 shares during the period. Cahaba Wealth Management Inc. boosted its stake in 3M by 1.4% during the 1st quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock valued at $819,000 after purchasing an additional 75 shares during the period. Altman Advisors Inc. boosted its stake in 3M by 0.5% during the 1st quarter. Altman Advisors Inc. now owns 16,690 shares of the conglomerate's stock valued at $2,318,000 after purchasing an additional 76 shares during the period. NBT Bank N A NY boosted its stake in 3M by 0.8% during the 1st quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock valued at $1,431,000 after purchasing an additional 79 shares during the period. Finally, Warwick Investment Management Inc. boosted its stake in 3M by 2.3% during the 1st quarter. Warwick Investment Management Inc. now owns 3,573 shares of the conglomerate's stock valued at $525,000 after purchasing an additional 80 shares during the period. Institutional investors own 65.25% of the company's stock.

3M Stock Performance

MMM traded down $1.54 on Friday, hitting $157.93. 2,865,088 shares of the stock traded hands, compared to its average volume of 2,519,973. 3M Company has a 52 week low of $121.98 and a 52 week high of $164.15. 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 firm has a market capitalization of $84.12 billion, a PE ratio of 21.97, a P/E/G ratio of 2.87 and a beta of 1.04. The business has a fifty day moving average price of $154.05 and a two-hundred day moving average price of $147.95.

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. 3M had a return on equity of 96.48% and a net margin of 16.01%.The company had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same period in the prior year, the company posted $1.93 EPS. The company's revenue was up 1.4% compared to the same quarter last year. On average, research analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

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

Insider Activity at 3M

In other news, CAO Theresa E. Reinseth sold 3,477 shares of the company'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 value of $523,740.51. Following the sale, the chief accounting officer directly owned 2,561 shares in the company, valued at approximately $385,763.43. This represents a 57.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction that occurred on 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 sale, the insider owned 2,900 shares in the company, valued at approximately $435,522. This represents a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Barclays set a $170.00 target price on 3M in a research note on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price target on 3M in a research note on Friday, July 18th. Citigroup boosted their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research note on Saturday, August 30th. Finally, Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $161.78.

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.