3M Company $MMM Shares Sold by United Services Automobile Association

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 lessened its stake in shares of 3M Company (NYSE:MMM - Free Report) by 10.7% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 112,846 shares of the conglomerate's stock after selling 13,518 shares during the quarter. United Services Automobile Association's holdings in 3M were worth $16,345,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Nuveen LLC bought a new position in 3M in the 1st quarter valued at about $235,020,000. Alliancebernstein L.P. boosted its stake in shares of 3M by 23.1% in the 1st quarter. Alliancebernstein L.P. now owns 3,127,734 shares of the conglomerate's stock valued at $459,339,000 after purchasing an additional 586,851 shares during the last quarter. Amundi boosted its stake in shares of 3M by 20.7% in the 1st quarter. Amundi now owns 3,030,397 shares of the conglomerate's stock valued at $423,471,000 after purchasing an additional 519,302 shares during the last quarter. J. Goldman & Co LP bought a new stake in shares of 3M in the 4th quarter valued at $63,471,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of 3M during the 4th quarter valued at $51,289,000. Institutional investors and hedge funds own 65.25% of the company's stock.

Analysts Set New Price Targets

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

3M Stock Performance

3M stock traded down $1.54 during midday trading on Friday, hitting $157.93. The stock had a trading volume of 2,865,088 shares, compared to its average volume of 2,572,781. The firm's fifty day moving average is $154.05 and its two-hundred day moving average is $147.97. The company has a market capitalization of $84.12 billion, a PE ratio of 21.97, a P/E/G ratio of 2.90 and a beta of 1.04. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating 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 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 prior year, the company earned $1.93 EPS. The company's quarterly revenue was up 1.4% compared to the same quarter last year. On average, research analysts forecast that 3M Company will post 7.8 EPS for the current year.

3M Announces Dividend

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

Insiders Place Their Bets

In other 3M news, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction on Thursday, August 7th. The shares were 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. The trade was a 68.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction that occurred 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 transaction, the chief accounting officer directly owned 2,561 shares of the company's stock, valued at approximately $385,763.43. The trade was a 57.59% 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 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.