Kestra Investment Management LLC Cuts Stock Position in 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 reduced its position in shares of 3M Company (NYSE:MMM - Free Report) by 73.2% in the first 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 quarter. Kestra Investment Management LLC's holdings in 3M were worth $287,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MMM. Plancorp LLC raised its holdings in 3M by 3.8% during the 1st quarter. Plancorp LLC now owns 5,107 shares of the conglomerate's stock valued at $750,000 after buying an additional 185 shares during the period. Nearwater Capital Markets Ltd purchased a new stake in 3M during the 1st quarter valued at $10,280,000. Nippon Life Global Investors Americas Inc. raised its holdings in 3M by 1.8% during the 1st quarter. Nippon Life Global Investors Americas Inc. now owns 429,850 shares of the conglomerate's stock valued at $63,128,000 after buying an additional 7,620 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 3M by 34.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 100,168 shares of the conglomerate's stock valued at $14,711,000 after buying an additional 25,868 shares during the period. Finally, Gotham Asset Management LLC raised its holdings in 3M by 3.0% during the 1st quarter. Gotham Asset Management LLC now owns 92,262 shares of the conglomerate's stock valued at $13,550,000 after buying an additional 2,672 shares during the period. 65.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling at 3M

In other news, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the transaction, the chief accounting officer owned 2,561 shares in the company, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction 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 transaction, the insider owned 2,900 shares in the company, valued at approximately $435,522. This represents a 68.01% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

3M Trading Down 1.0%

Shares of NYSE:MMM traded down $1.54 on Friday, hitting $157.93. 2,865,088 shares of the company's stock were exchanged, compared to its average volume of 3,741,733. The stock has a market capitalization of $84.12 billion, a price-to-earnings ratio of 21.97, a price-to-earnings-growth ratio of 2.79 and a beta of 1.04. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15. The business's 50 day simple moving average is $153.94 and its two-hundred day simple moving average is $147.89.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating the consensus estimate of $2.01 by $0.15. The firm 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 business's revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.93 earnings per share. Analysts anticipate that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

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

Analyst Ratings Changes

MMM has been the topic of several recent research reports. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Saturday, August 30th. Citigroup increased 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. Barclays set a $170.00 price target on 3M in a report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 target price on 3M in a research note on Friday, July 18th. Finally, Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price 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.