Royce & Associates LP Sells 6,000 Shares of 3M Company (NYSE:MMM)

Key Points

• Royce & Associates LP has reduced its stake in 3M Company by 54.5%, selling 6,000 shares and holding 5,000 shares worth $734,000.
• Other hedge funds, including Geode Capital Management and Northern Trust Corp, increased their positions in 3M during the fourth quarter, indicating ongoing institutional interest.
• 3M recently announced a quarterly dividend of $0.73, with an annualized yield of 1.92% and a dividend payout ratio of 40.61%.

Royce & Associates LP cut its position in shares of 3M Company (NYSE:MMM - Free Report) by 54.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,000 shares of the conglomerate's stock after selling 6,000 shares during the period. Royce & Associates LP's holdings in 3M were worth $734,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MMM. Brighton Jones LLC increased its stake in shares of 3M by 26.6% during the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after purchasing an additional 1,872 shares during the last quarter. American Century Companies Inc. increased its stake in shares of 3M by 12.0% during the 4th quarter. American Century Companies Inc. now owns 102,773 shares of the conglomerate's stock worth $13,267,000 after purchasing an additional 11,032 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of 3M by 0.4% during the 4th quarter. Wellington Management Group LLP now owns 614,438 shares of the conglomerate's stock worth $79,318,000 after purchasing an additional 2,681 shares during the last quarter. Hazlett Burt & Watson Inc. acquired a new position in shares of 3M during the 4th quarter worth about $27,000. Finally, Meeder Asset Management Inc. increased its stake in shares of 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after purchasing an additional 214 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were 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 of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction that occurred 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 sale, the executive vice president directly owned 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company's stock.

3M Stock Performance

Shares of NYSE:MMM traded down $4.84 on Friday, reaching $144.38. 4,074,208 shares of the company's stock were exchanged, compared to its average volume of 4,251,674. The company has a fifty day moving average of $149.78 and a 200-day moving average of $146.76. 3M Company has a twelve month low of $119.31 and a twelve month high of $164.15. The company has a market capitalization of $76.90 billion, a price-to-earnings ratio of 20.08, a PEG ratio of 2.79 and a beta of 1.05. 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 announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The firm had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same quarter in the prior year, the business posted $1.93 EPS. The business's revenue was up 1.4% compared to the same quarter last year. On average, research analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages recently commented on MMM. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Citigroup upped their price target 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. Barclays set a $170.00 price target on shares of 3M in a research note on Friday, July 18th. Royal Bank Of Canada upped their price target on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Tuesday, July 29th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average 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.