Wolverine Asset Management LLC Cuts Stock Holdings in 3M Company (NYSE:MMM)

Key Points

• Wolverine Asset Management LLC reduced its stake in 3M Company by 25.0%, selling 7,000 shares and holding a total of 21,000 shares valued at approximately $3.08 million.
• 3M's quarterly earnings report showed an EPS of $2.16, exceeding estimates, and revenue of $6.16 billion, marking a 1.4% increase from the previous year.
• The company declared a quarterly dividend of $0.73 per share, contributing to an annualized yield of 1.9% and a payout ratio of 40.61%.

Wolverine Asset Management LLC cut its holdings in 3M Company (NYSE:MMM - Free Report) by 25.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 21,000 shares of the conglomerate's stock after selling 7,000 shares during the quarter. Wolverine Asset Management LLC's holdings in 3M were worth $3,084,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MMM. D1 Capital Partners L.P. purchased a new position in 3M during the fourth quarter worth $175,110,000. Capital World Investors boosted its stake in 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after buying an additional 1,248,093 shares during the period. Northern Trust Corp boosted its stake in 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock worth $871,738,000 after buying an additional 755,155 shares during the period. Ceredex Value Advisors LLC purchased a new position in 3M during the fourth quarter worth $81,482,000. Finally, Dimensional Fund Advisors LP boosted its stake in 3M by 34.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,133,190 shares of the conglomerate's stock worth $275,375,000 after buying an additional 544,380 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

NYSE MMM traded up $2.55 during trading hours on Tuesday, reaching $157.86. The stock had a trading volume of 2,748,166 shares, compared to its average volume of 3,863,099. The stock has a fifty day moving average of $150.16 and a 200 day moving average of $146.98. The stock has a market cap of $84.08 billion, a P/E ratio of 21.96, a price-to-earnings-growth ratio of 2.97 and a beta of 1.05. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. The firm had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%. 3M's revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.93 earnings per share. Sell-side analysts predict that 3M Company will post 7.8 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Tuesday, July 29th. 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. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Barclays set a $170.00 target price on shares of 3M in a report on Friday, July 18th. Finally, JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a report on Friday, July 18th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $158.10.

Insider Buying and Selling

In other news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer directly owned 2,561 shares of the company's stock, valued at $385,763.43. The trade was a 57.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the transaction, the insider directly owned 2,900 shares of the company's stock, valued at approximately $435,522. This trade represents a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,316 shares of company stock worth $3,780,296. 0.48% of the stock is currently owned by company insiders.

3M 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.