MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Has $327,000 Stock Holdings in 3M Company $MMM

Key Points

• MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH drastically reduced its stake in 3M Company by 97%, now holding just 2,147 shares valued at $327,000.
• Analysts have recently set price targets for 3M shares, with a consensus target price of $161.78 and a consensus rating of "Moderate Buy," indicating positive sentiment towards the stock.
• 3M announced a quarterly dividend payment of $0.73 per share, representing an annual yield of 1.9% and a payout ratio of 40.61%.

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH reduced its stake in 3M Company (NYSE:MMM - Free Report) by 97.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,147 shares of the conglomerate's stock after selling 69,132 shares during the quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH's holdings in 3M were worth $327,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of MMM. Caitong International Asset Management Co. Ltd bought a new position in 3M during the 1st quarter worth $28,000. WPG Advisers LLC bought a new stake in shares of 3M during the 1st quarter valued at $28,000. Curat Global LLC acquired a new stake in shares of 3M during the 1st quarter worth $29,000. Saudi Central Bank bought a new position in shares of 3M in the first quarter worth $31,000. Finally, Intelligent Financial Strategies acquired a new position in 3M in the first quarter valued at about $42,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MMM has been the topic of several recent analyst reports. Barclays set a $170.00 target price on shares of 3M in a report on Friday, July 18th. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Citigroup upped their target price on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Saturday, September 13th. Finally, JPMorgan Chase & Co. set a $167.00 price target on 3M in a report on Friday, July 18th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $161.78.

Insider Activity at 3M

In related news, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction that occurred 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 completion of the sale, the chief accounting officer directly owned 2,561 shares of the company's stock, 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 legal filing with the SEC, which can be accessed through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the sale, the insider owned 2,900 shares in the company, valued at $435,522. The trade was 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.

3M Stock Down 1.1%

3M stock opened at $152.90 on Friday. The firm has a market cap of $81.44 billion, a price-to-earnings ratio of 21.27, a PEG ratio of 2.81 and a beta of 1.04. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. The firm has a 50 day moving average price of $153.88 and a two-hundred day moving average price of $148.36.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $6.09 billion. During the same period in the previous year, the business earned $1.93 EPS. The firm's revenue was up 1.4% compared to the same quarter last year. Equities analysts predict that 3M Company will post 7.8 EPS for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Monday, August 25th were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Monday, August 25th. 3M's payout ratio is currently 40.61%.

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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