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 lowered its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 59.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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.

Other large investors have also recently bought and sold shares of the company. REAP Financial Group LLC boosted its stake in 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after purchasing an additional 94 shares during the period. Pinney & Scofield Inc. purchased a new position in 3M during the 4th quarter worth $28,000. Caitong International Asset Management Co. Ltd purchased a new position in 3M during the 1st quarter worth $28,000. WPG Advisers LLC purchased a new position in 3M during the 1st quarter worth $28,000. Finally, Curat Global LLC purchased a new position in 3M during the 1st quarter worth $29,000. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Activity

In other 3M news, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the sale, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on MMM shares. Citigroup upped their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Saturday, August 30th. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price objective 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. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $161.78.

3M Price Performance

Shares of MMM traded down $1.35 during trading hours on Friday, reaching $158.12. The company had a trading volume of 2,103,173 shares, compared to its average volume of 3,736,847. The firm has a 50 day simple moving average of $153.94 and a 200-day simple moving average of $147.89. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The company has a market capitalization of $84.22 billion, a price-to-earnings ratio of 22.00, a PEG ratio of 2.79 and a beta of 1.04. 3M Company has a 12-month low of $121.98 and a 12-month high of $164.15.

3M (NYSE:MMM - Get Free Report) last announced its quarterly 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 business had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter last year, the firm posted $1.93 EPS. The business's revenue was up 1.4% compared to the same quarter last year. Research analysts expect that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.8%. The ex-dividend date is Monday, August 25th. 3M's dividend payout ratio (DPR) is 40.61%.

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.