Manning & Napier Advisors LLC Sells 13,654 Shares of 3M Company (NYSE:MMM)

Manning & Napier Advisors LLC cut its stake in 3M Company (NYSE:MMM - Free Report) by 7.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 159,278 shares of the conglomerate's stock after selling 13,654 shares during the period. Manning & Napier Advisors LLC's holdings in 3M were worth $23,392,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new stake in 3M in the fourth quarter valued at approximately $26,000. REAP Financial Group LLC boosted its holdings in shares of 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after buying an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. bought a new position in shares of 3M during the 4th quarter worth approximately $27,000. Pinney & Scofield Inc. bought a new position in shares of 3M during the 4th quarter worth approximately $28,000. Finally, Curat Global LLC bought a new position in shares of 3M during the 1st quarter worth approximately $29,000. 65.25% of the stock is currently owned by institutional investors.

Insider Activity at 3M

In other news, EVP John Patrick Banovetz sold 7,759 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the sale, the executive vice president now directly owns 31,372 shares of the company's stock, valued at $4,654,663.64. This trade represents a 19.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction on 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 sale, the executive vice president now directly owns 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Wednesday, June 11th. JPMorgan Chase & Co. increased their price target on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Bank of America increased their price target on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Royal Bank Of Canada increased their target price on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Finally, Citigroup increased their target price on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, 3M presently has a consensus rating of "Moderate Buy" and an average price target of $155.83.

3M Trading Up 0.9%

NYSE MMM opened at $143.85 on Friday. The firm has a market capitalization of $77.42 billion, a P/E ratio of 18.16, a PEG ratio of 2.99 and a beta of 1.03. The business has a fifty day simple moving average of $143.11 and a 200 day simple moving average of $142.22. 3M Company has a 12 month low of $98.26 and a 12 month high of $156.35. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72.

3M (NYSE:MMM - Get Free Report) last released its quarterly 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. The business had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. 3M had a return on equity of 96.19% and a net margin of 17.79%. On average, analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 2.03%. 3M's payout ratio is currently 36.87%.

3M Company 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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