3M Company (NYSE:MMM) Shares Sold by Robertson Stephens Wealth Management LLC

Robertson Stephens Wealth Management LLC trimmed its position in 3M Company (NYSE:MMM) by 7.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,150 shares of the conglomerate’s stock after selling 417 shares during the period. Robertson Stephens Wealth Management LLC’s holdings in 3M were worth $756,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Wayfinding Financial LLC acquired a new stake in shares of 3M in the fourth quarter worth approximately $851,000. Ensign Peak Advisors Inc lifted its holdings in 3M by 29.2% in the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate’s stock valued at $82,921,000 after purchasing an additional 145,146 shares in the last quarter. Asahi Life Asset Management CO. LTD. boosted its stake in 3M by 34.0% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate’s stock worth $1,616,000 after purchasing an additional 3,173 shares during the last quarter. Allstate Corp acquired a new stake in 3M during the 4th quarter worth $2,101,000. Finally, Teacher Retirement System of Texas grew its holdings in shares of 3M by 59.8% during the fourth quarter. Teacher Retirement System of Texas now owns 747,954 shares of the conglomerate’s stock worth $96,553,000 after buying an additional 280,015 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Wednesday, June 11th. Bank of America increased their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. JPMorgan Chase & Co. boosted their target price on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Barclays increased their price target on 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, April 23rd. Finally, Citigroup boosted their price objective on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, May 30th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and a consensus target price of $155.83.

3M Stock Performance

NYSE MMM opened at $142.43 on Thursday. The stock has a fifty day simple moving average of $142.76 and a 200-day simple moving average of $141.99. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72. The stock has a market cap of $76.65 billion, a PE ratio of 17.98, a P/E/G ratio of 2.95 and a beta of 1.03. 3M Company has a twelve month low of $98.26 and a twelve month high of $156.35.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a net margin of 17.79% and a return on equity of 96.19%. The company had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. Equities analysts anticipate that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.05%. 3M’s dividend payout ratio (DPR) is 36.87%.

Insiders Place Their Bets

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the company’s stock in a transaction on Thursday, May 15th. The stock was 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 in the company, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the sale, the executive vice president now owns 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

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.