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Vest Financial LLC Reduces Holdings in 3M (NYSE:MMM)

3M logo with Multi-Sector Conglomerates background

Vest Financial LLC lowered its stake in 3M (NYSE:MMM - Free Report) by 37.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 8,214 shares of the conglomerate's stock after selling 4,894 shares during the period. Vest Financial LLC's holdings in 3M were worth $1,206,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Proficio Capital Partners LLC bought a new stake in shares of 3M in the 4th quarter worth approximately $26,000. REAP Financial Group LLC boosted its holdings in shares of 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after buying an additional 94 shares during the period. Hazlett Burt & Watson Inc. bought a new stake in shares of 3M during the 4th quarter worth $27,000. Pinney & Scofield Inc. acquired a new position in 3M during the 4th quarter valued at $28,000. Finally, Meeder Asset Management Inc. raised its stake in 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock valued at $40,000 after purchasing an additional 214 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MMM has been the topic of a number of research analyst reports. Bank of America increased their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Barclays lifted their price objective on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday, April 23rd. Royal Bank of Canada boosted their target price on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Saturday, May 24th. Finally, Citigroup boosted 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. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $153.46.

Get Our Latest Report on 3M

Insider Activity

In other news, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the sale, the executive vice president now owns 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% 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, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the sale, the executive vice president now owns 6,127 shares of the company's stock, valued at $913,045.54. The trade was a 56.37% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

3M Stock Down 0.5%

NYSE MMM opened at $145.58 on Friday. The firm has a market capitalization of $78.35 billion, a price-to-earnings ratio of 19.28, a PEG ratio of 3.30 and a beta of 1.03. 3M has a 52 week low of $98.26 and a 52 week high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The company has a fifty day moving average of $141.18 and a two-hundred day moving average of $141.34.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. The business had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. On average, analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.01%. 3M's payout ratio is presently 36.87%.

3M Company Profile

(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

Institutional Ownership by Quarter for 3M (NYSE:MMM)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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