United Services Automobile Association Decreases Stock Position in 3M Company $MMM

Key Points

• United Services Automobile Association reduced its stake in 3M Company by 10.7%, selling 13,518 shares, leaving them with a total of 112,846 shares valued at approximately $16.35 million.
$2.16, surpassing estimates, and indicated a 1.4% year-over-year revenue increase, which totaled $6.16 billion for the quarter.
• The company announced a quarterly dividend of $0.73 per share, with an ex-dividend date of August 25th, representing an annualized dividend yield of 1.9%.

United Services Automobile Association reduced its stake in shares of 3M Company (NYSE:MMM - Free Report) by 10.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 112,846 shares of the conglomerate's stock after selling 13,518 shares during the period. United Services Automobile Association's holdings in 3M were worth $16,345,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in MMM. Brighton Jones LLC boosted its position in shares of 3M by 26.6% during the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after purchasing an additional 1,872 shares in the last quarter. Bison Wealth LLC boosted its position in shares of 3M by 10.2% during the 4th quarter. Bison Wealth LLC now owns 2,751 shares of the conglomerate's stock worth $355,000 after purchasing an additional 255 shares in the last quarter. KKM Financial LLC boosted its position in shares of 3M by 5.6% during the 4th quarter. KKM Financial LLC now owns 18,802 shares of the conglomerate's stock worth $2,427,000 after purchasing an additional 1,003 shares in the last quarter. 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 in the last quarter. Finally, J. Goldman & Co LP purchased a new stake in shares of 3M during the 4th quarter worth $63,471,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on MMM shares. Barclays set a $170.00 target price on shares of 3M in a research report on Friday, July 18th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Citigroup lifted their price target on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 price target on 3M in a research note on Friday, July 18th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Saturday, August 30th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, 3M has a consensus rating of "Moderate Buy" and a consensus target price of $161.78.

Insider Transactions at 3M

In other news, CAO Theresa E. Reinseth sold 3,477 shares of the business'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 completion of the sale, the chief accounting officer owned 2,561 shares in the company, valued at approximately $385,763.43. The trade was a 57.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's 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 owned 2,900 shares of the company's stock, valued at approximately $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 insiders.

3M Trading Down 1.0%

Shares of NYSE MMM traded down $1.54 on Friday, reaching $157.93. 2,858,339 shares of the company traded hands, compared to its average volume of 3,741,694. 3M Company has a fifty-two week low of $121.98 and a fifty-two week high of $164.15. The company has a 50 day moving average of $153.94 and a 200 day 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 stock has a market capitalization of $84.12 billion, a PE ratio of 21.97, a P/E/G ratio of 2.79 and a beta of 1.04.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%.The business had revenue of $6.16 billion during the quarter, compared to analysts' expectations of $6.09 billion. During the same quarter in the previous year, the business earned $1.93 EPS. The company's revenue for the quarter was up 1.4% on a year-over-year basis. On average, equities research analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal 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 issued a dividend of $0.73 per share. The ex-dividend date is Monday, August 25th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.8%. 3M's payout ratio is presently 40.61%.

About 3M

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.