MetLife Investment Management LLC Has $21.36 Million Stake in 3M Company $MMM

Key Points

• MetLife Investment Management LLC reduced its stake in 3M Company by 2.1%, holding 145,428 shares valued at approximately $21.36 million as of the latest quarter.
• 3M reported quarterly earnings of $2.16 per share, exceeding estimates, along with a revenue increase to $6.16 billion, compared to analyst expectations.
• The company declared a quarterly dividend of $0.73 per share, resulting in an annualized dividend yield of 1.8%.

MetLife Investment Management LLC decreased its position in shares of 3M Company (NYSE:MMM - Free Report) by 2.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 145,428 shares of the conglomerate's stock after selling 3,152 shares during the period. MetLife Investment Management LLC's holdings in 3M were worth $21,358,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. TCV Trust & Wealth Management Inc. lifted its position in 3M by 1.1% during the 1st quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate's stock worth $954,000 after acquiring an additional 73 shares during the last quarter. Cahaba Wealth Management Inc. lifted its position in 3M by 1.4% during the 1st quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock worth $819,000 after acquiring an additional 75 shares during the last quarter. Altman Advisors Inc. lifted its position in 3M by 0.5% during the 1st quarter. Altman Advisors Inc. now owns 16,690 shares of the conglomerate's stock worth $2,318,000 after acquiring an additional 76 shares during the last quarter. NBT Bank N A NY lifted its position in 3M by 0.8% during the 1st quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock worth $1,431,000 after acquiring an additional 79 shares during the last quarter. Finally, Rehmann Capital Advisory Group lifted its position in 3M by 2.6% during the 1st quarter. Rehmann Capital Advisory Group now owns 3,272 shares of the conglomerate's stock worth $481,000 after acquiring an additional 82 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Stock Performance

NYSE:MMM opened at $158.5790 on Monday. 3M Company has a 12-month low of $121.98 and a 12-month high of $164.15. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The firm has a market capitalization of $84.46 billion, a PE ratio of 22.06, a price-to-earnings-growth ratio of 3.07 and a beta of 1.05. The firm has a 50-day moving average price of $152.00 and a 200 day moving average price of $147.22.

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

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.8%. 3M's dividend payout ratio is 40.61%.

Analyst Ratings Changes

A number of research analysts have recently commented on MMM shares. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research report on Friday, July 18th. Barclays set a $170.00 price objective on shares of 3M in a research report on Friday, July 18th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Thursday, August 14th. Finally, Citigroup upped 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. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $158.10.

Insider Activity

In other 3M news, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the sale, the insider directly owned 2,900 shares of the company's stock, valued at approximately $435,522. This represents a 68.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the sale, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by corporate insiders.

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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