3M (NYSE:MMM) Shares Sold by Douglas Lane & Associates LLC

Douglas Lane & Associates LLC lessened its holdings in shares of 3M (NYSE:MMM) by 6.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,824 shares of the conglomerate’s stock after selling 198 shares during the quarter. Douglas Lane & Associates LLC’s holdings in 3M were worth $415,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MMM. Financial Life Planners acquired a new stake in 3M in the fourth quarter valued at approximately $25,000. Proficio Capital Partners LLC acquired a new stake in 3M in the fourth quarter valued at approximately $26,000. REAP Financial Group LLC grew its position in 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. acquired a new stake in 3M in the fourth quarter valued at approximately $27,000. Finally, Pinney & Scofield Inc. acquired a new stake in 3M in the fourth quarter valued at approximately $28,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insiders Place Their Bets

In other news, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction on 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 transaction, the executive vice president now owns 31,372 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president now directly owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Saturday, May 24th. Barclays increased their price objective on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, April 23rd. Royal Bank of Canada increased their price objective on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. lifted 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. Finally, Bank of America lifted their price target 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $153.46.

3M Stock Performance

3M stock opened at $148.20 on Monday. The company has a market cap of $79.76 billion, a PE ratio of 19.63, a P/E/G ratio of 3.30 and a beta of 1.02. The company has a fifty day moving average price of $141.33 and a two-hundred day moving average price of $140.81. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. 3M has a 12 month low of $97.68 and a 12 month high of $156.35.

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

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders 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 yield of 1.97%. 3M’s dividend payout ratio is presently 36.87%.

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.