3M Company (NYSE:MMM) Stock Holdings Decreased by Mediolanum International Funds Ltd

Key Points

• Mediolanum International Funds Ltd reduced its stake in 3M Company by 10.1%, now holding 368,699 shares valued at approximately $53.4 million.
• Despite some institutional reductions, several investors, including Skandinaviska Enskilda Banken AB and J.P. Marvel Investment Advisors LLC, increased their holdings in 3M during the first quarter.
• 3M reported improved quarterly earnings with $2.16 EPS, exceeding analysts' expectations of $2.01, alongside a dividend yield of 1.93% as shareholders received a quarterly payment of $0.73 per share.

Mediolanum International Funds Ltd trimmed its position in shares of 3M Company (NYSE:MMM - Free Report) by 10.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 368,699 shares of the conglomerate's stock after selling 41,453 shares during the period. 3M makes up 0.7% of Mediolanum International Funds Ltd's portfolio, making the stock its 26th biggest position. Mediolanum International Funds Ltd owned 0.07% of 3M worth $53,402,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in 3M by 26.6% during the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after acquiring an additional 1,872 shares in the last quarter. Proficio Capital Partners LLC bought a new position in shares of 3M in the 4th quarter worth about $202,000. American Century Companies Inc. lifted its position in shares of 3M by 12.0% in the 4th quarter. American Century Companies Inc. now owns 102,773 shares of the conglomerate's stock worth $13,267,000 after buying an additional 11,032 shares during the last quarter. Sei Investments Co. lifted its position in shares of 3M by 13.3% in the 4th quarter. Sei Investments Co. now owns 147,942 shares of the conglomerate's stock worth $19,099,000 after buying an additional 17,330 shares during the last quarter. Finally, Congress Wealth Management LLC DE lifted its position in shares of 3M by 6.8% in the 4th quarter. Congress Wealth Management LLC DE now owns 10,101 shares of the conglomerate's stock worth $1,304,000 after buying an additional 641 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MMM has been the topic of a number of recent research reports. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a research report on Friday, July 18th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Tuesday. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Citigroup lifted their price objective on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Finally, Barclays set a $170.00 price objective on shares of 3M in a research report on Friday, July 18th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $156.91.

3M Price Performance

Shares of MMM stock traded down $1.99 during midday trading on Wednesday, reaching $149.80. 986,035 shares of the company were exchanged, compared to its average volume of 3,883,745. 3M Company has a 12 month low of $119.31 and a 12 month high of $164.15. The company has a market cap of $79.79 billion, a P/E ratio of 20.84, a PEG ratio of 3.06 and a beta of 1.02. The company's 50 day moving average price is $149.91 and its two-hundred day moving average price is $146.50. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. 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 firm earned $1.93 EPS. 3M's revenue was up 1.4% on a year-over-year basis. On average, sell-side analysts expect that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.95%. 3M's dividend payout ratio is currently 40.61%.

Insider Activity at 3M

In other news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president owned 31,372 shares of the company's stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the transaction, the executive vice president directly owned 6,127 shares in the company, valued at $913,045.54. This represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.48% of the company's stock.

3M 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.