SVB Wealth LLC Sells 1,940 Shares of 3M Company $MMM

Key Points

• SVB Wealth LLC reduced its stake in 3M Company by 10.0%, selling 1,940 shares in the first quarter, bringing their total holdings to 17,503 shares valued at $2.57 million.
• The company announced a quarterly dividend of $0.73 per share, payable on September 12th, which gives an annualized yield of 1.8%.
• 3M reported a Q2 EPS of $2.16, exceeding expectations, with revenues of $6.16 billion reflecting a 1.4% year-over-year increase.

SVB Wealth LLC lessened its position in 3M Company (NYSE:MMM - Free Report) by 10.0% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 17,503 shares of the conglomerate's stock after selling 1,940 shares during the period. SVB Wealth LLC's holdings in 3M were worth $2,571,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the stock. Smartleaf Asset Management LLC boosted its position in shares of 3M by 15.0% during the first quarter. Smartleaf Asset Management LLC now owns 2,808 shares of the conglomerate's stock valued at $407,000 after buying an additional 367 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of 3M by 4.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 76,111 shares of the conglomerate's stock valued at $11,178,000 after purchasing an additional 3,284 shares during the period. Allstate Corp raised its stake in shares of 3M by 5.7% during the 1st quarter. Allstate Corp now owns 17,194 shares of the conglomerate's stock valued at $2,525,000 after purchasing an additional 922 shares during the period. Bragg Financial Advisors Inc raised its stake in shares of 3M by 2.3% during the 1st quarter. Bragg Financial Advisors Inc now owns 6,165 shares of the conglomerate's stock valued at $905,000 after purchasing an additional 137 shares during the period. Finally, Norinchukin Bank The increased its stake in 3M by 9.1% in the 1st quarter. Norinchukin Bank The now owns 33,684 shares of the conglomerate's stock worth $4,947,000 after acquiring an additional 2,812 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Insider Activity at 3M

In other news, CAO Theresa E. Reinseth sold 3,477 shares of the 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 transaction, the chief accounting officer owned 2,561 shares of the company's stock, valued at approximately $385,763.43. This represents a 57.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the 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 transaction, the insider directly owned 2,900 shares of the company's stock, valued at $435,522. This represents a 68.01% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

3M Trading Up 2.7%

Shares of MMM stock opened at $158.5790 on Friday. The stock has a market capitalization of $84.46 billion, a PE ratio of 22.06, a P/E/G ratio of 2.99 and a beta of 1.05. 3M Company has a 1-year low of $121.98 and a 1-year high of $164.15. The business has a 50-day moving average of $152.00 and a 200 day moving average of $147.29. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. The business had revenue of $6.16 billion during 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%.3M's quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.93 EPS. As a group, sell-side analysts anticipate that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.8%. 3M's dividend payout ratio is currently 40.61%.

Analyst Ratings Changes

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

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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