Price T Rowe Associates Inc. MD Lowers Position in 3M Company $MMM

Key Points

• Price T Rowe Associates Inc. reduced its stake in 3M Company by 5.5%, selling 95,658 shares during the first quarter and owning 1,631,668 shares by the end of the reporting period.
• 3M recently declared a quarterly dividend of $0.73 per share, which will be paid on September 12th, representing an annualized yield of 1.8%.
• Despite some selling by insiders, 65.25% of 3M's stock is currently owned by hedge funds and institutional investors, reflecting strong institutional interest.

Price T Rowe Associates Inc. MD cut its stake in 3M Company (NYSE:MMM - Free Report) by 5.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,631,668 shares of the conglomerate's stock after selling 95,658 shares during the period. Price T Rowe Associates Inc. MD owned 0.30% of 3M worth $239,628,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. REAP Financial Group LLC lifted its holdings 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 buying an additional 94 shares during the period. Pinney & Scofield Inc. purchased a new stake in 3M in the fourth quarter worth about $28,000. Caitong International Asset Management Co. Ltd purchased a new stake in 3M in the first quarter worth about $28,000. Curat Global LLC purchased a new stake in 3M in the first quarter worth about $29,000. Finally, Intelligent Financial Strategies purchased a new stake in 3M in the first quarter worth about $42,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction that occurred 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 owned 2,900 shares of the company's stock, valued at $435,522. This trade represents a 68.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the firm'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 sale, the chief accounting officer directly owned 2,561 shares of the company's stock, valued at $385,763.43. This trade represents a 57.59% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

3M Price Performance

Shares of MMM opened at $158.5790 on Friday. The company has a market capitalization of $84.46 billion, a P/E ratio of 22.06, a price-to-earnings-growth ratio of 3.07 and a beta of 1.05. 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 50 day moving average of $152.00 and a 200 day moving average of $147.26. 3M Company has a twelve month low of $121.98 and a twelve month high of $164.15.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.15. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The firm's quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.93 earnings per share. As a group, equities 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 declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.8%. 3M's dividend payout ratio (DPR) is currently 40.61%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Barclays set a $170.00 price objective on shares of 3M in a report on Friday, July 18th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Thursday, August 14th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research note on Friday, July 18th. Finally, Citigroup raised their target price on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $158.10.

3M Company 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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