Prime Capital Investment Advisors LLC Sells 8,131 Shares of 3M Company $MMM

Key Points

• Prime Capital Investment Advisors LLC reduced its stake in 3M Company by 22.9%, selling 8,131 shares in the second quarter, leaving them with 27,317 shares worth approximately $4.16 million.
• Insider trading activity saw CAO Theresa E. Reinseth and another insider sell significant amounts of shares, with sales leading to a 57.59% and 68.01% decrease in their respective ownerships.
• Research analysts have increased price targets for 3M, with Wells Fargo raising it to $176.00, reflecting a positive sentiment as nine analysts rated the stock as a Buy.

Prime Capital Investment Advisors LLC cut its position in 3M Company (NYSE:MMM - Free Report) by 22.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,317 shares of the conglomerate's stock after selling 8,131 shares during the quarter. Prime Capital Investment Advisors LLC's holdings in 3M were worth $4,159,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in MMM. Nuveen LLC bought a new stake in shares of 3M during the 1st quarter worth $235,020,000. Alliancebernstein L.P. raised its stake in 3M by 23.1% during the first quarter. Alliancebernstein L.P. now owns 3,127,734 shares of the conglomerate's stock worth $459,339,000 after acquiring an additional 586,851 shares in the last quarter. Amundi raised its stake in 3M by 20.7% during the first quarter. Amundi now owns 3,030,397 shares of the conglomerate's stock worth $423,471,000 after acquiring an additional 519,302 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in shares of 3M during the 1st quarter valued at approximately $68,822,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of 3M by 10.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,198,538 shares of the conglomerate's stock valued at $616,597,000 after purchasing an additional 414,160 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Insider Transactions at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the sale, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the sale, the insider owned 2,900 shares of the company's stock, valued at approximately $435,522. The trade was a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Wells Fargo & Company increased their price target on 3M from $170.00 to $176.00 and gave the company an "overweight" rating in a research note on Monday. JPMorgan Chase & Co. set a $167.00 target price on 3M in a report on Friday, July 18th. Barclays set a $170.00 target price on 3M in a report on Friday, July 18th. Deutsche Bank Aktiengesellschaft boosted their price target on 3M from $177.00 to $185.00 and gave the stock a "buy" rating in a report on Thursday, October 2nd. Finally, Weiss Ratings upgraded shares of 3M from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Saturday, September 27th. Nine investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, 3M presently has a consensus rating of "Moderate Buy" and a consensus target price of $164.70.

3M Price Performance

3M stock opened at $155.95 on Tuesday. The stock's 50 day moving average is $154.46 and its 200 day moving average is $148.60. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. The firm has a market cap of $83.06 billion, a P/E ratio of 21.69, a P/E/G ratio of 2.62 and a beta of 1.05. 3M Company has a one year low of $121.98 and a one year high of $164.15.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. The business 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%. 3M's quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.93 earnings per share. As a group, research analysts expect that 3M Company will post 7.8 EPS for the current year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Monday, August 25th were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Monday, August 25th. 3M's 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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