Insider Selling: 3M (NYSE:MMM) EVP Sells 7,759 Shares of Stock

3M (NYSE:MMM) EVP John Patrick Banovetz sold 7,759 shares of the company’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the sale, the executive vice president now directly owns 31,372 shares of the company’s stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

3M Price Performance

Shares of MMM traded up $0.29 during trading hours on Tuesday, reaching $147.91. The stock had a trading volume of 288,789 shares, compared to its average volume of 4,064,739. 3M has a 12 month low of $96.76 and a 12 month high of $156.35. The stock has a market capitalization of $79.60 billion, a PE ratio of 19.59, a PEG ratio of 3.30 and a beta of 1.02. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The company’s 50-day moving average is $141.58 and its two-hundred day moving average is $140.33.

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

3M Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on MMM shares. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a report on Saturday. Royal Bank of Canada raised their price target on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Citigroup lowered their price target on 3M from $152.00 to $142.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Barclays lifted their target price on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. raised their price target on shares of 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $152.08.

Hedge Funds Weigh In On 3M

A number of hedge funds have recently added to or reduced their stakes in MMM. Financial Life Planners bought a new position in shares of 3M during the 4th quarter worth approximately $25,000. Proficio Capital Partners LLC bought a new stake in 3M during the 4th quarter valued at $26,000. REAP Financial Group LLC grew its position in shares of 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. purchased a new position in shares of 3M during the 4th quarter valued at $27,000. Finally, Pinney & Scofield Inc. purchased a new position in 3M in the fourth quarter worth $28,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

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.