Russell Investments Group Ltd. Cuts Stock Position in 3M Company $MMM

Key Points

• Russell Investments Group Ltd. reduced its stake in 3M Company by 14.8%, ending the first quarter with 195,098 shares worth approximately $28.58 million.
• Numerous hedge funds have entered or expanded their positions in 3M, with notable increases from Capital World Investors and Dimensional Fund Advisors, reflecting growing institutional interest.
• 3M recently declared a quarterly dividend of $0.73 per share, equating to an annualized dividend of $2.92 and a yield of 1.9%, highlighting its ongoing commitment to returning value to shareholders.

Russell Investments Group Ltd. lowered its stake in shares of 3M Company (NYSE:MMM - Free Report) by 14.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 195,098 shares of the conglomerate's stock after selling 33,899 shares during the quarter. Russell Investments Group Ltd.'s holdings in 3M were worth $28,583,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in MMM. Brighton Jones LLC boosted its position in 3M by 26.6% during the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock valued at $1,149,000 after purchasing an additional 1,872 shares in the last quarter. Gabelli Funds LLC raised its stake in 3M by 7.1% in the fourth quarter. Gabelli Funds LLC now owns 3,000 shares of the conglomerate's stock valued at $387,000 after buying an additional 200 shares during the last quarter. Gamco Investors INC. ET AL raised its stake in 3M by 5.7% in the fourth quarter. Gamco Investors INC. ET AL now owns 12,192 shares of the conglomerate's stock valued at $1,574,000 after buying an additional 657 shares during the last quarter. NewEdge Advisors LLC raised its stake in 3M by 4.6% in the fourth quarter. NewEdge Advisors LLC now owns 53,437 shares of the conglomerate's stock valued at $6,898,000 after buying an additional 2,349 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its stake in 3M by 26.0% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 360,944 shares of the conglomerate's stock valued at $46,582,000 after buying an additional 74,412 shares during the last quarter. Institutional investors own 65.25% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, EVP John Patrick Banovetz sold 7,759 shares of 3M 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 completion of the transaction, the executive vice president directly owned 31,372 shares in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the transaction, the insider owned 2,900 shares of the company's stock, valued at approximately $435,522. This represents a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,817,401 shares of company stock valued at $648,960,803 in the last ninety days. Insiders own 0.48% of the company's stock.

3M Stock Performance

Shares of 3M stock traded up $1.3570 on Tuesday, reaching $154.2170. 2,067,526 shares of the stock were exchanged, compared to its average volume of 3,855,515. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. 3M Company has a twelve month low of $121.98 and a twelve month high of $164.15. The firm has a market capitalization of $82.14 billion, a price-to-earnings ratio of 21.45, a PEG ratio of 2.95 and a beta of 1.05. The business has a 50 day moving average price of $151.14 and a two-hundred day moving average price of $147.12.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. The firm had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%.The company's revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.93 earnings per share. Analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The business 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 yield of 1.9%. 3M's dividend payout ratio is currently 40.61%.

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.