3M (NYSE:MMM) Shares Sold by Bremer Bank National Association

Bremer Bank National Association lowered its position in 3M (NYSE:MMM) by 40.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,448 shares of the conglomerate’s stock after selling 1,677 shares during the period. Bremer Bank National Association’s holdings in 3M were worth $250,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in 3M by 0.8% during the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after purchasing an additional 377,703 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in 3M by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after acquiring an additional 43,732 shares during the period. Norges Bank acquired a new stake in 3M in the 4th quarter valued at $502,585,000. Bank of New York Mellon Corp increased its holdings in 3M by 10.6% in the 1st quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock worth $480,680,000 after acquiring an additional 435,439 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its position in 3M by 313.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after acquiring an additional 2,010,319 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MMM. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research report on Tuesday, July 30th. Citigroup increased their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research note on Thursday, June 13th. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Wells Fargo & Company raised their price objective on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, 3M currently has a consensus rating of “Hold” and an average price target of $123.57.

Insider Buying and Selling at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

3M Trading Up 0.6 %

3M stock traded up $0.73 during midday trading on Wednesday, hitting $126.08. 3,252,906 shares of the stock were exchanged, compared to its average volume of 5,370,581. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The stock’s 50-day simple moving average is $108.04 and its 200 day simple moving average is $100.52. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $128.65. The stock has a market capitalization of $69.77 billion, a price-to-earnings ratio of -9.85, a PEG ratio of 2.34 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating the consensus estimate of $1.68 by $0.25. The firm had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the previous year, the company earned $2.17 EPS. On average, equities analysts anticipate that 3M will post 7.21 EPS for the current year.

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.