The Manufacturers Life Insurance Company Has $80.15 Million Stake in 3M Company $MMM

Key Points

• The Manufacturers Life Insurance Company reduced its stake in 3M Company by 4.8%, owning 545,744 shares after selling 27,549 shares in the first quarter, totaling a value of $80,148,000.
• Insiders at 3M have been selling shares, with CAO Theresa E. Reinseth and insider Christian T. Goralski, Jr. reducing their positions by 57.59% and 68.01% respectively.
• 3M recently announced a quarterly dividend of $0.73 per share, with an annualized dividend yield of 1.9%, reflecting a payout ratio of 40.61%.

The Manufacturers Life Insurance Company cut its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 4.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 545,744 shares of the conglomerate's stock after selling 27,549 shares during the period. The Manufacturers Life Insurance Company owned about 0.10% of 3M worth $80,148,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of MMM. Invesco Ltd. increased its stake in shares of 3M by 0.7% during the first quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate's stock worth $660,695,000 after purchasing an additional 30,260 shares in the last quarter. Bank of America Corp DE grew its stake in shares of 3M by 4.2% in the 4th quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock valued at $551,245,000 after buying an additional 172,815 shares during the period. Janus Henderson Group PLC boosted its position in shares of 3M by 5.7% during the 4th quarter. Janus Henderson Group PLC now owns 3,624,933 shares of the conglomerate's stock worth $467,944,000 after purchasing an additional 193,957 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of 3M by 6.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,122,020 shares of the conglomerate's stock worth $458,500,000 after purchasing an additional 199,944 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in 3M by 18.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,516,729 shares of the conglomerate's stock worth $369,530,000 after buying an additional 383,539 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on MMM shares. Citigroup lifted 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. Barclays set a $170.00 target price on shares of 3M in a report on Friday, July 18th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a report on Saturday. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a report on Friday, July 18th. Finally, Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research report 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. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $158.10.

3M Price Performance

Shares of MMM traded down $2.36 during mid-day trading on Wednesday, hitting $151.91. The company's stock had a trading volume of 3,688,639 shares, compared to its average volume of 3,786,022. 3M Company has a fifty-two week low of $121.98 and a fifty-two week high of $164.15. The firm has a 50-day moving average price of $153.56 and a 200 day moving average price of $147.56. The stock has a market capitalization of $80.91 billion, a price-to-earnings ratio of 21.13, a PEG ratio of 3.01 and a beta of 1.04. 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 announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping the consensus estimate of $2.01 by $0.15. The company had revenue of $6.16 billion during the quarter, compared to analysts' expectations of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business's revenue for the quarter was up 1.4% on a year-over-year basis. During the same period last year, the company posted $1.93 earnings per share. On average, research analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Monday, August 25th. 3M's dividend payout ratio is 40.61%.

Insider Activity at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction 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 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction 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 sale, the insider owned 2,900 shares in the company, valued at $435,522. The trade was a 68.01% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.

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.