Wedge Capital Management L L P NC Sells 21,156 Shares of 3M (NYSE:MMM)

Wedge Capital Management L L P NC lessened its stake in shares of 3M (NYSE:MMM - Free Report) by 23.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 69,121 shares of the conglomerate's stock after selling 21,156 shares during the period. Wedge Capital Management L L P NC's holdings in 3M were worth $10,151,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Proficio Capital Partners LLC purchased a new stake in shares of 3M during the fourth quarter valued at $26,000. REAP Financial Group LLC raised its holdings in 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. purchased a new stake in 3M during the fourth quarter valued at about $27,000. Pinney & Scofield Inc. acquired a new position in shares of 3M in the fourth quarter worth about $28,000. Finally, Curat Global LLC acquired a new position in shares of 3M in the first quarter worth about $29,000. 65.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Barclays boosted their price target on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday, April 23rd. 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 note on Friday, May 30th. Royal Bank of Canada increased their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Bank of America lifted their price target on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Finally, JPMorgan Chase & Co. upped their price target on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Two 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 currently has an average rating of "Moderate Buy" and a consensus price target of $153.46.

Insider Buying and Selling at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president now directly owns 31,372 shares in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president now directly owns 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company's stock.

3M Stock Down 1.8%

Shares of 3M stock traded down $2.58 during trading on Thursday, hitting $144.60. 2,069,198 shares of the stock traded hands, compared to its average volume of 3,853,567. The stock has a market cap of $77.82 billion, a P/E ratio of 19.15, a PEG ratio of 3.30 and a beta of 1.03. The company has a fifty day moving average price of $141.63 and a two-hundred day moving average price of $141.61. 3M has a twelve month low of $98.26 and a twelve month high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.11. The firm had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. Equities research analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 2.02%. 3M's dividend payout ratio (DPR) is currently 36.87%.

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.