Principal Financial Group Inc. Sells 71,571 Shares of 3M Company (NYSE:MMM)

Principal Financial Group Inc. lessened its stake in 3M Company (NYSE:MMM - Free Report) by 9.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 657,181 shares of the conglomerate's stock after selling 71,571 shares during the period. Principal Financial Group Inc. owned about 0.12% of 3M worth $96,514,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wayfinding Financial LLC acquired a new position in 3M in the fourth quarter worth $851,000. Ensign Peak Advisors Inc boosted its holdings in 3M by 29.2% in the fourth quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock worth $82,921,000 after purchasing an additional 145,146 shares during the period. Allstate Corp acquired a new position in 3M in the fourth quarter worth $2,101,000. Synergy Asset Management LLC boosted its holdings in 3M by 122.7% in the first quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock worth $663,000 after purchasing an additional 2,486 shares during the period. Finally, Teacher Retirement System of Texas boosted its holdings in 3M by 59.8% in the fourth quarter. Teacher Retirement System of Texas now owns 747,954 shares of the conglomerate's stock worth $96,553,000 after purchasing an additional 280,015 shares during the period. Institutional investors own 65.25% of the company's stock.

Insider Transactions at 3M

In other news, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the transaction, the executive vice president owned 6,127 shares in the company, valued at $913,045.54. This represents a 56.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the transaction, the executive vice president owned 31,372 shares in the company, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Friday, June 27th. Barclays upped their price objective on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. boosted their price target on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Royal Bank Of Canada boosted their price target on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Finally, Wells Fargo & Company boosted their price target on shares of 3M from $150.00 to $170.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $155.83.

3M Stock Down 1.1%

Shares of MMM traded down $1.75 during trading hours on Friday, reaching $152.23. The company's stock had a trading volume of 3,182,854 shares, compared to its average volume of 3,807,701. The firm has a market cap of $81.92 billion, a price-to-earnings ratio of 19.22, a P/E/G ratio of 2.99 and a beta of 1.02. 3M Company has a 1-year low of $98.26 and a 1-year high of $156.35. The company has a quick ratio of 1.25, a current ratio of 1.66 and a debt-to-equity ratio of 2.72. The company has a 50 day moving average of $146.63 and a two-hundred day moving average of $143.70.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 96.19% and a net margin of 17.79%. As a group, research analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The firm 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 1.92%. 3M's dividend payout ratio is 36.87%.

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.