Lansforsakringar Fondforvaltning AB publ Has $26.28 Million Stock Holdings in 3M Company $MMM

Key Points

• Lansforsakringar Fondforvaltning AB reduced its stake in 3M Company by 2.0%, selling 3,574 shares, leaving it with 178,921 shares valued at $26.28 million.
• Insider trades revealed significant sales, with Christian T. Goralski, Jr. and CAO Theresa E. Reinseth selling shares worth approximately $925,860 and $523,740 respectively, representing substantial decreases in their ownership.
• 3M's quarterly earnings exceeded expectations, reporting $2.16 EPS against a consensus estimate of $2.01, along with a revenue of $6.16 billion, which marked a 1.4% year-over-year increase.

Lansforsakringar Fondforvaltning AB publ decreased its stake in 3M Company (NYSE:MMM - Free Report) by 2.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 178,921 shares of the conglomerate's stock after selling 3,574 shares during the quarter. Lansforsakringar Fondforvaltning AB publ's holdings in 3M were worth $26,276,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of MMM. REAP Financial Group LLC boosted its holdings in shares of 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after buying an additional 94 shares during the period. Pinney & Scofield Inc. purchased a new stake in shares of 3M in the 4th quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of 3M in the 1st quarter valued at approximately $28,000. Curat Global LLC acquired a new position in 3M in the 1st quarter worth approximately $29,000. Finally, Intelligent Financial Strategies purchased a new position in 3M during the 1st quarter worth approximately $42,000. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Stock Down 1.4%

NYSE MMM traded down $2.14 on Monday, reaching $155.42. The stock had a trading volume of 3,278,497 shares, compared to its average volume of 2,968,160. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. 3M Company has a 1 year low of $121.98 and a 1 year high of $164.15. The business has a 50 day moving average price of $153.32 and a 200 day moving average price of $147.47. The company has a market capitalization of $82.78 billion, a price-to-earnings ratio of 21.62, a P/E/G ratio of 3.01 and a beta of 1.04.

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

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be given a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Monday, August 25th. 3M's payout ratio is currently 40.61%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MMM shares. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price target on 3M in a research report on Friday, July 18th. Barclays set a $170.00 price objective on 3M in a research note on Friday, July 18th. Citigroup lifted their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Saturday. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, 3M presently has an average rating of "Hold" and an average price target of $158.10.

Insider Buying and Selling at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction 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. This represents a 57.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the sale, the insider directly owned 2,900 shares of the company's stock, valued at $435,522. This represents a 68.01% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% 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.