Nuance Investments LLC Sells 584,071 Shares of 3M Company (NYSE:MMM)

Key Points

• Nuance Investments LLC reduced its holdings in 3M Company by 99.7%, selling 584,071 shares and leaving it with only 1,886 shares valued at $277,000.
• Insider trading activity includes EVP Zoe L. Dickson and CAO Theresa E. Reinseth selling significant amounts of stock, reducing their respective ownership by 56.37% and 57.59%.
• 3M reported a quarterly earnings per share (EPS) of $2.16, exceeding estimates, with revenues reaching $6.16 billion, marking a year-over-year increase of 1.4%.

Nuance Investments LLC lowered its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 99.7% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,886 shares of the conglomerate's stock after selling 584,071 shares during the period. Nuance Investments LLC's holdings in 3M were worth $277,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of MMM. REAP Financial Group LLC grew its holdings in 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after purchasing an additional 94 shares during the period. Pinney & Scofield Inc. bought a new position in 3M during the fourth quarter worth about $28,000. Curat Global LLC bought a new position in 3M during the first quarter worth about $29,000. Intelligent Financial Strategies bought a new position in 3M during the first quarter worth about $42,000. Finally, Investment Management Corp VA ADV boosted its holdings in shares of 3M by 173.6% during the first quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate's stock worth $44,000 after acquiring an additional 191 shares during the period. Institutional investors own 65.25% of the company's stock.

Insider Buying and Selling

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were 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. The trade was a 56.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the transaction, the chief accounting officer owned 2,561 shares of the company's stock, valued at approximately $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,316 shares of company stock valued at $3,780,296. 0.48% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

MMM has been the topic of several research reports. JPMorgan Chase & Co. set a $167.00 target price on 3M in a research report on Friday, July 18th. Citigroup upped their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Barclays set a $170.00 target price on 3M in a research report on Friday, July 18th. Royal Bank Of Canada upped their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Finally, Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $158.10.

3M Trading Up 1.4%

Shares of MMM stock opened at $155.41 on Tuesday. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The stock has a market cap of $82.77 billion, a P/E ratio of 21.61, a price-to-earnings-growth ratio of 2.97 and a beta of 1.05. The stock has a 50 day simple moving average of $150.16 and a 200 day simple moving average of $146.98. 3M Company has a 1 year low of $121.98 and a 1 year high of $164.15.

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

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.

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Company (NYSE:MMM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.