Wellington Management Group LLP Sells 40,327 Shares of 3M Company $MMM

Key Points

• Wellington Management Group LLP reduced its stake in 3M Company by selling 40,327 shares, resulting in a 6.6% decrease in holdings, bringing their total to 574,111 shares.
• Analysts have a consensus rating of "Hold" on 3M stock, with price targets set between $160.00 and $170.00 by various financial institutions.
• 3M declared a quarterly dividend of $0.73 per share, expected to be paid on September 12th, with an annualized yield of 1.9%.

Wellington Management Group LLP lessened its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 6.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 574,111 shares of the conglomerate's stock after selling 40,327 shares during the period. Wellington Management Group LLP owned approximately 0.11% of 3M worth $84,314,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Caitong International Asset Management Co. Ltd bought a new position in shares of 3M during the 1st quarter valued at about $28,000. REAP Financial Group LLC lifted 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 valued at $26,000 after purchasing an additional 94 shares in the last quarter. Curat Global LLC bought a new position in shares of 3M during the 1st quarter valued at about $29,000. Pinney & Scofield Inc. bought a new position in shares of 3M during the 4th quarter valued at about $28,000. Finally, Intelligent Financial Strategies bought a new position in shares of 3M during the 1st quarter valued at about $42,000. Institutional investors own 65.25% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MMM shares. Citigroup lifted their price objective on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Barclays set a $170.00 target price on 3M in a research report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 target price on 3M in a research report on Friday, July 18th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Thursday, August 14th. Finally, Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $158.10.

Insider Buying and Selling

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the sale, the insider directly owned 2,900 shares of the company's stock, valued at $435,522. This trade represents a 68.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the sale, the chief accounting officer directly 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 disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

3M Stock Down 0.3%

MMM stock opened at $154.3420 on Friday. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The business has a 50 day moving average price of $151.67 and a two-hundred day moving average price of $147.25. The company has a market cap of $82.21 billion, a price-to-earnings ratio of 21.47, a P/E/G ratio of 2.99 and a beta of 1.05. 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 posted its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. The firm had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%.The business's revenue was up 1.4% compared to the same quarter last year. During the same period last year, the company earned $1.93 earnings per share. Analysts anticipate that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. 3M's payout ratio is 40.61%.

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.

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.