3M (NYSE:MMM) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC trimmed its holdings in shares of 3M (NYSE:MMM - Free Report) by 23.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,121 shares of the conglomerate's stock after selling 21,156 shares during the quarter. Wedge Capital Management L L P NC's holdings in 3M were worth $10,151,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. REAP Financial Group LLC raised its position in shares of 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after acquiring an additional 94 shares in the last quarter. Curat Global LLC acquired a new stake in 3M in the first quarter valued at approximately $29,000. Hazlett Burt & Watson Inc. acquired a new stake in 3M in the fourth quarter valued at approximately $27,000. Pinney & Scofield Inc. acquired a new position in shares of 3M during the fourth quarter worth $28,000. Finally, Meeder Asset Management Inc. lifted its holdings in shares of 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. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Stock Performance

Shares of MMM stock traded down $1.26 on Monday, hitting $144.24. The company had a trading volume of 3,401,850 shares, compared to its average volume of 4,004,367. 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 50-day moving average price of $141.18 and a 200-day moving average price of $141.44. 3M has a twelve month low of $98.26 and a twelve month high of $156.35. The firm has a market cap of $77.63 billion, a P/E ratio of 19.10, a price-to-earnings-growth ratio of 3.30 and a beta of 1.03.

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

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders 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 dividend yield of 2.02%. 3M's dividend payout ratio is presently 36.87%.

Insider Activity at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the sale, the executive vice president now directly owns 31,372 shares in the company, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction dated 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 sale, the executive vice president now directly owns 6,127 shares in the company, valued at $913,045.54. This represents a 56.37% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research note on Saturday, May 24th. Bank of America boosted their target price on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. Barclays raised their price target on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, April 23rd. Royal Bank of Canada boosted their price objective on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Finally, Citigroup upped their target price on 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 issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, 3M currently has an average rating of "Moderate Buy" and an average target price of $153.46.

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.