3M Company $MMM Shares Sold by Teza Capital Management LLC

Key Points

• Teza Capital Management LLC reduced its stake in 3M Company by 59.8%, owning 3,677 shares valued at $540,000 as of its latest SEC filing.
• Several institutional investors have either increased or initiated stakes in 3M, with 65.25% of the company's stock owned by such investors.
• 3M recently declared a quarterly dividend of $0.73 per share, with a dividend yield of 1.9%.

Teza Capital Management LLC decreased its stake in 3M Company (NYSE:MMM - Free Report) by 59.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,677 shares of the conglomerate's stock after selling 5,473 shares during the period. Teza Capital Management LLC's holdings in 3M were worth $540,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. TCV Trust & Wealth Management Inc. lifted its stake in shares of 3M by 1.1% in the first quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate's stock valued at $954,000 after purchasing an additional 73 shares during the period. Cahaba Wealth Management Inc. lifted its stake in shares of 3M by 1.4% in the first quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock valued at $819,000 after purchasing an additional 75 shares during the period. Altman Advisors Inc. lifted its stake in shares of 3M by 0.5% in the first quarter. Altman Advisors Inc. now owns 16,690 shares of the conglomerate's stock valued at $2,318,000 after purchasing an additional 76 shares during the period. NBT Bank N A NY increased its holdings in 3M by 0.8% during the 1st quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock valued at $1,431,000 after acquiring an additional 79 shares in the last quarter. Finally, Warwick Investment Management Inc. lifted its holdings in shares of 3M by 2.3% in the first quarter. Warwick Investment Management Inc. now owns 3,573 shares of the conglomerate's stock valued at $525,000 after purchasing an additional 80 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MMM. Barclays set a $170.00 price target on shares of 3M in a report on Friday, July 18th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Saturday, August 30th. Citigroup upped their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Finally, JPMorgan Chase & Co. set a $167.00 target price 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 one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $161.78.

3M Trading Down 1.0%

3M stock traded down $1.54 during trading on Friday, reaching $157.93. The company had a trading volume of 2,865,088 shares, compared to its average volume of 2,572,781. 3M Company has a 12-month low of $121.98 and a 12-month high of $164.15. The stock's 50 day moving average price is $154.05 and its two-hundred day moving average price is $147.97. The firm has a market capitalization of $84.12 billion, a price-to-earnings ratio of 21.97, a PEG ratio of 2.90 and a beta of 1.04. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $6.09 billion. During the same period in the previous year, the firm earned $1.93 earnings per share. 3M's revenue was up 1.4% compared to the same quarter last year. As a group, equities analysts expect that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, August 25th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Monday, August 25th. 3M's payout ratio is presently 40.61%.

Insider Buying and Selling

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the transaction, the chief accounting officer directly owned 2,561 shares of the company's stock, valued at $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible 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 transaction of $925,859.70. Following the transaction, the insider directly owned 2,900 shares in the company, valued at approximately $435,522. This trade represents a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

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.