Prudential PLC Sells 8,835 Shares of 3M Company (NYSE:MMM)

Prudential PLC decreased its position in shares of 3M Company (NYSE:MMM - Free Report) by 47.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,886 shares of the conglomerate's stock after selling 8,835 shares during the period. Prudential PLC's holdings in 3M were worth $1,452,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Northern Trust Corp raised its position in shares of 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after buying an additional 755,155 shares during the last quarter. Capital World Investors raised its position in 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after purchasing an additional 1,248,093 shares in the last quarter. Invesco Ltd. raised its position in 3M by 0.7% in the first quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate's stock worth $660,695,000 after purchasing an additional 30,260 shares in the last quarter. Bank of America Corp DE grew its stake in 3M by 4.2% during the fourth quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock worth $551,245,000 after buying an additional 172,815 shares during the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of 3M by 5.7% in the fourth quarter. Janus Henderson Group PLC now owns 3,624,933 shares of the conglomerate's stock valued at $467,944,000 after acquiring an additional 193,957 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Activity at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president owned 31,372 shares in the company, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer owned 2,561 shares in the company, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,401 shares of company stock worth $2,600,803. Insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of research analyst reports. Citigroup lifted 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. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a report on Friday, July 18th. Royal Bank Of Canada lifted their target price on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Finally, Barclays set a $170.00 price objective 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 stock. According to data from MarketBeat, 3M presently has an average rating of "Hold" and a consensus price target of $158.10.

3M Price Performance

NYSE:MMM opened at $156.89 on Friday. The stock has a market capitalization of $83.56 billion, a PE ratio of 21.82, a P/E/G ratio of 3.10 and a beta of 1.05. The firm has a fifty day simple moving average of $150.84 and a 200 day simple moving average of $147.19. 3M Company has a 1-year low of $121.98 and a 1-year 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.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%. The business's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.93 earnings per share. On average, research analysts expect that 3M Company will post 7.8 EPS for the current fiscal year.

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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