3M Company $MMM Shares Sold by Erste Asset Management GmbH

Erste Asset Management GmbH reduced its position in 3M Company (NYSE:MMM) by 16.0% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 5,940 shares of the conglomerate’s stock after selling 1,134 shares during the quarter. Erste Asset Management GmbH’s holdings in 3M were worth $860,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Nuveen LLC purchased a new stake in shares of 3M during the 1st quarter worth $235,020,000. D1 Capital Partners L.P. purchased a new stake in shares of 3M during the 4th quarter worth $175,110,000. Northern Trust Corp boosted its position in shares of 3M by 12.6% during the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock worth $871,738,000 after purchasing an additional 755,155 shares in the last quarter. J. Goldman & Co LP purchased a new stake in shares of 3M during the 4th quarter worth $63,471,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of 3M during the 4th quarter worth $51,289,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Insider Transactions at 3M

In related news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the sale, the chief accounting officer owned 2,561 shares in the company, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the sale, the insider owned 2,900 shares of the company’s stock, valued at approximately $435,522. This represents a 68.01% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

3M Trading Down 0.3%

3M stock opened at $154.3420 on Friday. The stock has a market cap of $82.21 billion, a PE ratio of 21.47, a P/E/G ratio of 2.99 and a beta of 1.05. The stock has a 50-day moving average price of $151.67 and a 200 day moving average price of $147.25. 3M Company has a 52 week low of $121.98 and a 52 week high of $164.15. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.15. The firm had revenue of $6.16 billion during the quarter, compared to analysts’ expectations of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%.The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.93 EPS. Equities research analysts predict that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

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