John Patrick Banovetz Sells 7,759 Shares of 3M (NYSE:MMM) Stock

3M (NYSE:MMM - Get Free Report) 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 sale, the executive vice president now directly owns 31,372 shares of the company's stock, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

3M Stock Down 1.0%

3M stock traded down $1.43 during mid-day trading on Friday, reaching $148.20. 5,339,771 shares of the company's stock were exchanged, compared to its average volume of 3,964,842. The company has a market cap of $79.76 billion, a P/E ratio of 19.63, a P/E/G ratio of 3.30 and a beta of 1.02. 3M has a twelve month low of $97.42 and a twelve month 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 $141.33 and a 200-day moving average of $140.69.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. The company 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%. Sell-side analysts expect that 3M will post 7.8 EPS for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.97%. 3M's payout ratio is 36.87%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MMM. JPMorgan Chase & Co. upped their price objective on shares of 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Saturday, May 24th. Barclays boosted their target price on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday, April 23rd. Bank of America boosted their target price on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Finally, Royal Bank of Canada boosted their target price on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, 3M has an average rating of "Moderate Buy" and an average price target of $153.46.

Institutional Investors Weigh In On 3M

A number of hedge funds and other institutional investors have recently modified their holdings of MMM. Financial Life Planners acquired a new stake in shares of 3M in the 4th quarter valued at $25,000. Proficio Capital Partners LLC purchased a new position in shares of 3M in the 4th quarter valued at $26,000. REAP Financial Group LLC grew 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 valued at $26,000 after buying an additional 94 shares during the last quarter. Hazlett Burt & Watson Inc. purchased a new position in shares of 3M in the 4th quarter valued at $27,000. Finally, Pinney & Scofield Inc. purchased a new position in shares of 3M in the 4th quarter valued at $28,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.