Tribune Investment Group LP lowered its stake in shares of 3M Company (NYSE:MMM - Free Report) by 16.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 42,000 shares of the conglomerate's stock after selling 8,000 shares during the quarter. 3M comprises about 2.6% of Tribune Investment Group LP's holdings, making the stock its 17th largest position. Tribune Investment Group LP's holdings in 3M were worth $6,168,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Northern Trust Corp lifted its position in 3M by 12.6% in the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after purchasing an additional 755,155 shares during the period. Invesco Ltd. lifted its position in 3M by 0.7% in the first quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate's stock valued at $660,695,000 after purchasing an additional 30,260 shares during the period. Bank of America Corp DE lifted its position in 3M by 4.2% in the fourth quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock valued at $551,245,000 after purchasing an additional 172,815 shares during the period. Janus Henderson Group PLC lifted its position in 3M by 5.7% in the fourth quarter. Janus Henderson Group PLC now owns 3,624,933 shares of the conglomerate's stock valued at $467,944,000 after purchasing an additional 193,957 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in 3M by 6.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,122,020 shares of the conglomerate's stock valued at $458,500,000 after purchasing an additional 199,944 shares during the period. Hedge funds and other institutional investors own 65.25% of the company's stock.
3M Price Performance
Shares of 3M stock traded up $4.1990 during trading on Friday, hitting $158.5790. 1,958,212 shares of the company were exchanged, compared to its average volume of 3,356,141. 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 fifty-two week low of $121.98 and a fifty-two week high of $164.15. The stock has a market capitalization of $84.46 billion, a price-to-earnings ratio of 22.06, a P/E/G ratio of 3.07 and a beta of 1.05. The firm has a 50 day moving average price of $152.00 and a 200 day moving average price of $147.26.
3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%.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 posted $1.93 EPS. The company's quarterly revenue was up 1.4% compared to the same quarter last year. On average, equities analysts expect that 3M Company will post 7.8 earnings per share for the current fiscal year.
3M Announces Dividend
The business also recently disclosed 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 dividend yield of 1.8%. 3M's dividend payout ratio is currently 40.61%.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research report on Friday, July 18th. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Barclays set a $170.00 price target on shares of 3M in a research report on Friday, July 18th. Citigroup lifted their price target on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Thursday, August 14th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $158.10.
Get Our Latest Stock Report on MMM
Insider Activity at 3M
In related news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. The trade was a 57.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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 stock was 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 $435,522. This represents a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.
About 3M
(
Free Report)
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.
See Also
Before you consider 3M, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and 3M wasn't on the list.
While 3M currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
MarketBeat All Access