Quintet Private Bank Europe S.A. Has $995,000 Stock Holdings in 3M (NYSE:MMM)

Quintet Private Bank Europe S.A. lowered its stake in 3M (NYSE:MMM) by 34.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,777 shares of the conglomerate’s stock after selling 3,623 shares during the period. Quintet Private Bank Europe S.A.’s holdings in 3M were worth $995,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of MMM. Wayfinding Financial LLC acquired a new stake in 3M during the fourth quarter worth about $851,000. Ensign Peak Advisors Inc lifted its holdings in shares of 3M by 29.2% during the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate’s stock worth $82,921,000 after acquiring an additional 145,146 shares during the period. Braun Stacey Associates Inc. lifted its holdings in shares of 3M by 18.4% during the 4th quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate’s stock worth $18,408,000 after acquiring an additional 22,203 shares during the period. Asahi Life Asset Management CO. LTD. raised its position in 3M by 34.0% during the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate’s stock valued at $1,616,000 after purchasing an additional 3,173 shares in the last quarter. Finally, Allstate Corp acquired a new position in 3M during the fourth quarter valued at approximately $2,101,000. Institutional investors own 65.25% of the company’s stock.

Insiders Place Their Bets

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the firm’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the sale, the executive vice president now directly owns 6,127 shares in the company, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the 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 transaction, the executive vice president now directly owns 31,372 shares in the company, valued at $4,654,663.64. This trade represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.

3M Trading Down 1.8%

Shares of MMM stock opened at $144.60 on Friday. The stock has a 50-day moving average of $141.94 and a 200-day moving average of $141.71. 3M has a 1-year low of $98.26 and a 1-year high of $156.35. The stock has a market cap of $77.82 billion, a price-to-earnings ratio of 19.15, a PEG ratio of 3.30 and a beta of 1.03. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating the consensus estimate of $1.77 by $0.11. The business had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. On average, equities research analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.02%. 3M’s dividend payout ratio is presently 36.87%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Royal Bank of Canada lifted their price target on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, April 23rd. Barclays increased their target price on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday, April 23rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Wednesday. Citigroup upped their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. Finally, 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 note on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, 3M presently has an average rating of “Moderate Buy” and a consensus price target of $153.46.

About 3M

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.