Newport Trust Company LLC Sells 306,740 Shares of 3M Company $MMM

Key Points

• Newport Trust Company LLC reduced its stake in 3M Company by 4.3% during the first quarter, selling 306,740 shares, and now holds 6,798,381 shares worth approximately $998.41 million.
• Several analysts have set target prices for 3M ranging from $160.00 to $170.00, while the stock currently has a consensus rating of "Hold" and an average price target of $158.10.
• 3M recently announced a quarterly dividend of $0.73, translating to an annualized dividend yield of 1.9%, and will be paid to shareholders of record by September 12th.

Newport Trust Company LLC trimmed its position in 3M Company (NYSE:MMM - Free Report) by 4.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,798,381 shares of the conglomerate's stock after selling 306,740 shares during the quarter. 3M accounts for 2.6% of Newport Trust Company LLC's holdings, making the stock its 11th largest holding. Newport Trust Company LLC owned about 1.26% of 3M worth $998,410,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. REAP Financial Group LLC lifted its stake in 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 acquiring an additional 94 shares during the period. Pinney & Scofield Inc. bought a new stake in shares of 3M in the 4th quarter valued at about $28,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of 3M in the 1st quarter worth approximately $28,000. Curat Global LLC bought a new position in shares of 3M during the first quarter valued at approximately $29,000. Finally, Intelligent Financial Strategies bought a new position in shares of 3M during the first quarter valued at approximately $42,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. JPMorgan Chase & Co. set a $167.00 target price on 3M in a report on Friday, July 18th. Wells Fargo & Company reissued an "overweight" rating on shares of 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 reissued a "hold (c+)" rating on shares of 3M in a research report on Thursday, August 14th. Seven investment 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. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $158.10.

Insider Buying and Selling at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of the sale, the insider directly owned 2,900 shares in the company, valued at approximately $435,522. The trade was a 68.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at approximately $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

3M Trading Down 0.3%

Shares of NYSE:MMM opened at $154.3420 on Friday. The business's 50-day moving average is $151.67 and its 200 day moving average is $147.25. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. 3M Company has a 1 year low of $121.98 and a 1 year high of $164.15. The firm has a market capitalization of $82.21 billion, a P/E ratio of 21.47, a P/E/G ratio of 2.99 and a beta of 1.05.

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

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. 3M's dividend payout ratio is currently 40.61%.

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.

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