Manning & Napier Advisors LLC Decreases Holdings in 3M Company (NYSE:MMM)

Manning & Napier Advisors LLC cut its holdings in shares of 3M Company (NYSE:MMM) by 7.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 159,278 shares of the conglomerate’s stock after selling 13,654 shares during the quarter. Manning & Napier Advisors LLC’s holdings in 3M were worth $23,392,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in shares of 3M by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock worth $1,493,655,000 after acquiring an additional 280,048 shares during the period. Northern Trust Corp grew its stake in shares of 3M by 12.6% during the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock worth $871,738,000 after acquiring an additional 755,155 shares during the period. Capital World Investors grew its stake in shares of 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after acquiring an additional 1,248,093 shares during the period. Bank of New York Mellon Corp grew its stake in shares of 3M by 9.2% during the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after acquiring an additional 479,621 shares during the period. Finally, Norges Bank bought a new position in shares of 3M during the 4th quarter worth $636,767,000. Institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MMM. Citigroup increased their price target on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, May 30th. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research note on Wednesday, June 11th. JPMorgan Chase & Co. raised their target price on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Royal Bank Of Canada raised their target price on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 23rd. Finally, Barclays raised their target price on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 23rd. Two investment 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $155.83.

3M Stock Performance

Shares of MMM opened at $143.85 on Friday. The company has a market cap of $77.42 billion, a PE ratio of 18.16, a price-to-earnings-growth ratio of 2.99 and a beta of 1.03. 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 50-day moving average price of $143.11 and a 200-day moving average price of $142.22. 3M Company has a 12-month low of $98.26 and a 12-month high of $156.35.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating 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 return on equity of 96.19% and a net margin of 17.79%. As a group, equities analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.03%. 3M’s dividend payout ratio (DPR) is presently 36.87%.

Insider Activity

In related news, EVP John Patrick Banovetz sold 7,759 shares of the firm’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the transaction, the executive vice president now directly owns 31,372 shares of the company’s stock, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the transaction, the executive vice president now directly owns 6,127 shares in the company, valued at approximately $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.

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.