Vanguard Group Inc. Has $7.13 Billion Stock Position in 3M Company (NYSE:MMM)

Key Points

• Vanguard Group Inc. has reduced its stake in 3M Company by 0.8%, selling 405,651 shares, which brings its total ownership to about 48.5 million shares valued at over $7.1 billion.
• 3M reported earnings per share of $2.16 for the last quarter, exceeding analysts' expectations of $2.01, and the revenue also surpassed forecasts at $6.16 billion.
• The company declared a quarterly dividend of $0.73, translating to an annualized dividend of $2.92 and a yield of 1.9% based on current stock prices.

Vanguard Group Inc. cut its position in 3M Company (NYSE:MMM - Free Report) by 0.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 48,521,158 shares of the conglomerate's stock after selling 405,651 shares during the period. Vanguard Group Inc. owned 9.02% of 3M worth $7,125,817,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its position in 3M by 26.6% in the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock valued at $1,149,000 after acquiring an additional 1,872 shares in the last quarter. Envestnet Asset Management Inc. increased its position in 3M by 8.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 513,800 shares of the conglomerate's stock valued at $66,326,000 after acquiring an additional 39,346 shares in the last quarter. Russell Investments Group Ltd. increased its position in 3M by 12.6% in the 4th quarter. Russell Investments Group Ltd. now owns 228,997 shares of the conglomerate's stock valued at $29,563,000 after acquiring an additional 25,552 shares in the last quarter. Invesco Ltd. increased its position in 3M by 51.6% in the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after acquiring an additional 1,520,619 shares in the last quarter. Finally, FIL Ltd increased its position in 3M by 12.0% in the 4th quarter. FIL Ltd now owns 418,733 shares of the conglomerate's stock valued at $54,054,000 after acquiring an additional 44,735 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at 3M

In related news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction dated 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president owned 6,127 shares of the company's stock, valued at $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,316 shares of company stock valued at $3,780,296. Corporate insiders own 0.34% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on MMM shares. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Barclays set a $170.00 target price on shares of 3M in a research report on Friday, July 18th. Royal Bank Of Canada upped their target price on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Citigroup upped 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. Finally, JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research report on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, 3M has a consensus rating of "Hold" and a consensus price target of $158.10.

3M Stock Up 1.0%

Shares of NYSE MMM traded up $1.59 during mid-day trading on Friday, reaching $153.33. 2,375,683 shares of the company's stock were exchanged, compared to its average volume of 4,166,032. The firm has a market capitalization of $81.67 billion, a price-to-earnings ratio of 21.33, a PEG ratio of 2.94 and a beta of 1.05. 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 business has a fifty day simple moving average of $149.98 and a 200 day simple moving average of $146.98. 3M Company has a twelve month low of $121.98 and a twelve month high of $164.15.

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 firm had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business's quarterly revenue was up 1.4% on a year-over-year basis. During the same period last year, the company posted $1.93 EPS. As a group, equities analysts expect that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.9%. 3M's dividend payout ratio (DPR) is currently 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.