Parr Mcknight Wealth Management Group LLC Sells 525 Shares of 3M Company (NYSE:MMM)

Parr Mcknight Wealth Management Group LLC cut its stake in 3M Company (NYSE:MMM) by 7.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,267 shares of the conglomerate’s stock after selling 525 shares during the quarter. Parr Mcknight Wealth Management Group LLC’s holdings in 3M were worth $920,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Geode Capital Management LLC increased its stake in 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 purchasing an additional 280,048 shares in the last quarter. Northern Trust Corp increased its stake in 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 purchasing an additional 755,155 shares in the last quarter. Capital World Investors increased its stake in 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 purchasing an additional 1,248,093 shares in the last quarter. Norges Bank bought a new stake in 3M during the 4th quarter worth approximately $636,767,000. Finally, Invesco Ltd. increased its stake in 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock worth $576,845,000 after purchasing an additional 1,520,619 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Insider Activity at 3M

In other news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the sale, the executive vice president owned 6,127 shares of the company’s stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the firm’s 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 sale, the executive vice president directly owned 31,372 shares of the company’s stock, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the subject of several research reports. Royal Bank Of Canada raised their price target on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 23rd. 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. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Friday, June 27th. Wells Fargo & Company raised their price target on shares of 3M from $150.00 to $170.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. Finally, Barclays raised their price target on shares of 3M from $164.00 to $170.00 and gave the stock an “overweight” rating in a research note on Wednesday. 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.33.

3M Trading Up 0.9%

NYSE MMM opened at $157.32 on Friday. The company has a market cap of $84.66 billion, a PE ratio of 19.86, a PEG ratio of 3.05 and a beta of 1.02. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72. 3M Company has a 12 month low of $100.87 and a 12 month high of $159.47. The stock has a 50 day moving average of $147.95 and a 200-day moving average of $144.32.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating the consensus estimate of $1.77 by $0.11. The company 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%. On average, equities research analysts anticipate that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.86%. 3M’s 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.