USS Investment Management Ltd Has $13.83 Million Stock Holdings in 3M Company $MMM

Key Points

• USS Investment Management Ltd reduced its stake in 3M Company by 34.7% in the first quarter, now holding $13.83 million worth of shares after selling 50,100 shares.
• 3M recently announced a quarterly dividend of $0.73 per share, with a yield of 1.9%, to be paid out on September 12th.
• The company's stock trades at approximately $155.29, with a market cap of $82.71 billion and analysts currently giving it an average rating of "Moderate Buy."

USS Investment Management Ltd lessened its stake in shares of 3M Company (NYSE:MMM - Free Report) by 34.7% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 94,176 shares of the conglomerate's stock after selling 50,100 shares during the quarter. USS Investment Management Ltd's holdings in 3M were worth $13,833,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of MMM. REAP Financial Group LLC lifted its position in 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after acquiring an additional 94 shares during the last quarter. Pinney & Scofield Inc. acquired a new stake in 3M during the 4th quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of 3M during the first quarter worth $28,000. WPG Advisers LLC acquired a new stake in shares of 3M during the first quarter worth $28,000. Finally, Curat Global LLC acquired a new stake in shares of 3M during the first quarter worth $29,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction that occurred on 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 $435,522. This represents a 68.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $523,740.51. Following the transaction, the chief accounting officer owned 2,561 shares of the company's stock, valued at $385,763.43. This trade represents 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 Stock Down 0.1%

Shares of MMM opened at $155.29 on Friday. 3M Company has a one year low of $121.98 and a one year high of $164.15. The company has a market cap of $82.71 billion, a P/E ratio of 21.60, a P/E/G ratio of 3.00 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. The firm has a 50 day simple moving average of $153.80 and a two-hundred day simple moving average of $147.67.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 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 company 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 firm earned $1.93 EPS. 3M's revenue was up 1.4% on a year-over-year basis. Research analysts forecast that 3M Company will post 7.8 EPS for the current fiscal 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 paid a dividend of $0.73 per share. The ex-dividend date of this dividend is Monday, August 25th. This represents a $2.92 annualized dividend and a yield of 1.9%. 3M's payout ratio is presently 40.61%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MMM. Barclays set a $170.00 target price on 3M in a report on Friday, July 18th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Saturday, August 30th. 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. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Finally, JPMorgan Chase & Co. set a $167.00 price objective on 3M in a 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 assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $161.78.

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.

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