Wynn Capital LLC Sells 75 Shares of 3M (NYSE:MMM)

Wynn Capital LLC decreased its stake in 3M (NYSE:MMM) by 0.6% in the 1st quarter, Holdings Channel.com reports. The firm owned 11,615 shares of the conglomerate’s stock after selling 75 shares during the quarter. Wynn Capital LLC’s holdings in 3M were worth $1,706,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Geode Capital Management LLC raised its stake in shares of 3M by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock valued at $1,493,655,000 after acquiring an additional 280,048 shares during the last quarter. Northern Trust Corp raised its stake in shares of 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock valued at $871,738,000 after acquiring an additional 755,155 shares during the last quarter. Capital World Investors raised its stake in shares of 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after acquiring an additional 1,248,093 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock valued at $734,456,000 after acquiring an additional 479,621 shares during the last quarter. Finally, Norges Bank bought a new position in shares of 3M during the fourth quarter valued at $636,767,000. Institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MMM shares. Royal Bank of Canada raised their price target on shares of 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 price objective on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. Bank of America increased their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Citigroup increased 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, JPMorgan Chase & Co. increased their price objective on shares of 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research report 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 company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $153.46.

Insiders Place Their Bets

In other news, EVP John Patrick Banovetz sold 7,759 shares of 3M 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 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction dated 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 owns 6,127 shares of the company’s stock, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

3M Trading Down 0.5%

NYSE:MMM opened at $145.58 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The stock has a market capitalization of $78.35 billion, a price-to-earnings ratio of 19.28, a PEG ratio of 3.30 and a beta of 1.03. The firm has a fifty day simple moving average of $141.18 and a two-hundred day simple moving average of $141.34. 3M has a 12 month low of $98.26 and a 12 month high of $156.35.

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

3M Dividend Announcement

The business also recently declared 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 2.01%. 3M’s payout ratio is 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.