Pacer Advisors Inc. Cuts Stake in 3M Company (NYSE:MMM)

Key Points

• Pacer Advisors Inc. reduced its holdings in 3M Company by 18.6%, selling 8,281 shares, leaving them with a total of 36,125 shares valued at approximately $5.3 million.
• The company's recent earnings report showed that 3M surpassed analysts' estimates with a quarterly EPS of $2.16 and a revenue of $6.16 billion, representing a year-over-year revenue increase of 1.4%.
• 3M declared a quarterly dividend of $0.73 per share, reflecting an annualized dividend of $2.92 and a dividend yield of 1.92%.

Pacer Advisors Inc. trimmed its position in 3M Company (NYSE:MMM - Free Report) by 18.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 36,125 shares of the conglomerate's stock after selling 8,281 shares during the quarter. Pacer Advisors Inc.'s holdings in 3M were worth $5,305,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Neo Ivy Capital Management acquired a new position in 3M during the first quarter worth about $839,000. Assetmark Inc. grew its position in shares of 3M by 367.9% in the 1st quarter. Assetmark Inc. now owns 5,489 shares of the conglomerate's stock valued at $806,000 after buying an additional 4,316 shares during the last quarter. Nicholas Wealth LLC. increased its position in 3M by 2.5% during the 1st quarter. Nicholas Wealth LLC. now owns 6,563 shares of the conglomerate's stock valued at $964,000 after purchasing an additional 158 shares during the period. Cetera Investment Advisers increased its position in shares of 3M by 11.2% during the first quarter. Cetera Investment Advisers now owns 202,816 shares of the conglomerate's stock worth $29,786,000 after buying an additional 20,434 shares during the period. Finally, Brookwood Investment Group LLC acquired a new stake in shares of 3M during the first quarter worth $227,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Down 2.8%

Shares of MMM traded down $4.15 during trading hours on Friday, reaching $145.07. The stock had a trading volume of 1,225,592 shares, compared to its average volume of 3,885,972. The firm has a 50-day simple moving average of $149.85 and a 200 day simple moving average of $146.60. 3M Company has a 12 month low of $119.31 and a 12 month high of $164.15. 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 company has a market capitalization of $77.27 billion, a price-to-earnings ratio of 20.23, a P/E/G ratio of 2.84 and a beta of 1.02.

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

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.0%. 3M's dividend payout ratio is presently 40.61%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on MMM shares. Barclays set a $170.00 target price on shares of 3M in a 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. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Tuesday. JPMorgan Chase & Co. set a $167.00 price target on 3M in a research note on Friday, July 18th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Two research 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 MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $158.10.

Insider Buying and Selling

In related news, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction 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 sale, the executive vice president owned 6,127 shares in the company, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the transaction, the executive vice president directly owned 31,372 shares in the company, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

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.