3M Company (NYSE:MMM) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC trimmed its position in shares of 3M Company (NYSE:MMM) by 13.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 581 shares of the conglomerate’s stock after selling 87 shares during the period. ARK Investment Management LLC’s holdings in 3M were worth $85,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Empirical Finance LLC boosted its position in shares of 3M by 1.7% during the first quarter. Empirical Finance LLC now owns 19,140 shares of the conglomerate’s stock worth $2,811,000 after buying an additional 315 shares during the period. Motco increased its position in 3M by 4.3% in the 1st quarter. Motco now owns 2,277 shares of the conglomerate’s stock valued at $334,000 after acquiring an additional 93 shares during the period. HB Wealth Management LLC raised its stake in 3M by 40.5% during the 1st quarter. HB Wealth Management LLC now owns 33,008 shares of the conglomerate’s stock valued at $4,848,000 after acquiring an additional 9,519 shares in the last quarter. Angeles Wealth Management LLC boosted its position in 3M by 27.4% during the 1st quarter. Angeles Wealth Management LLC now owns 3,543 shares of the conglomerate’s stock worth $520,000 after acquiring an additional 763 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ grew its stake in shares of 3M by 1.2% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 114,968 shares of the conglomerate’s stock worth $16,884,000 after purchasing an additional 1,331 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research note on Friday, July 18th. Royal Bank Of Canada boosted their price target on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a report on Saturday, July 12th. Barclays set a $170.00 price objective on shares of 3M in a research note on Friday, July 18th. Finally, Citigroup upped 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. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $156.33.

3M Trading Up 1.3%

3M stock opened at $151.27 on Friday. The firm has a market cap of $80.57 billion, a price-to-earnings ratio of 21.04, a price-to-earnings-growth ratio of 3.05 and a beta of 1.02. 3M Company has a 1 year low of $112.68 and a 1 year high of $164.15. The firm’s 50 day moving average price is $149.99 and its two-hundred day moving average price is $146.23. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72.

3M (NYSE:MMM) last issued its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%. The business had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $6.09 billion. During the same period in the previous year, the firm posted $1.93 EPS. The company’s quarterly revenue was up 1.4% on a year-over-year basis. On average, 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. Shareholders of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.93%. 3M’s payout ratio is presently 40.61%.

Insider Transactions at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the company’s stock in a transaction that occurred 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 owned 31,372 shares in the company, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction that occurred 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 owned 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently 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.