3M Company (NYSE:MMM) Shares Sold by West Family Investments Inc.

West Family Investments Inc. cut its holdings in 3M Company (NYSE:MMM) by 14.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,677 shares of the conglomerate’s stock after selling 285 shares during the quarter. West Family Investments Inc.’s holdings in 3M were worth $246,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wayfinding Financial LLC purchased a new stake in 3M during the 4th quarter valued at approximately $851,000. Ensign Peak Advisors Inc increased its holdings in shares of 3M by 29.2% in the fourth 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 during the period. Financial Gravity Asset Management Inc. purchased a new stake in shares of 3M during the first quarter worth approximately $2,506,000. Allstate Corp acquired a new stake in shares of 3M during the fourth quarter worth $2,101,000. Finally, Synergy Asset Management LLC grew its position in 3M by 122.7% in the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate’s stock valued at $663,000 after buying an additional 2,486 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Barclays upped their price objective on shares of 3M from $164.00 to $170.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 9th. JPMorgan Chase & Co. increased their price target on shares of 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Wells Fargo & Company lifted their price objective on 3M from $150.00 to $170.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Citigroup boosted their target price on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. Finally, Royal Bank Of Canada raised their price target on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a report 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.33.

3M Stock Performance

Shares of MMM opened at $156.73 on Wednesday. 3M Company has a 12-month low of $100.87 and a 12-month high of $159.47. The stock has a market cap of $84.35 billion, a P/E ratio of 19.79, a PEG ratio of 3.07 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. The company has a 50-day moving average of $148.94 and a two-hundred day moving average of $144.96.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 96.19% and a net margin of 17.79%. The firm had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. As a group, research analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.86%. 3M’s dividend payout ratio is currently 36.87%.

Insider Buying and Selling at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of the business’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 completion of the transaction, the executive vice president owned 6,127 shares of the company’s stock, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 sale, the executive vice president directly owned 31,372 shares in the company, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by corporate 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.