Canopy Partners LLC Lowers Stock Holdings in 3M Company (NYSE:MMM)

Canopy Partners LLC cut its stake in shares of 3M Company (NYSE:MMM) by 5.6% during the first quarter, HoldingsChannel.com reports. The fund owned 1,677 shares of the conglomerate’s stock after selling 99 shares during the quarter. Canopy Partners LLC’s holdings in 3M were worth $246,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Geode Capital Management LLC lifted its holdings in shares of 3M by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock worth $1,493,655,000 after buying an additional 280,048 shares during the period. Northern Trust Corp increased its stake in shares of 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock valued at $871,738,000 after buying an additional 755,155 shares during the period. Capital World Investors raised its holdings in shares of 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after acquiring an additional 1,248,093 shares in the last quarter. Invesco Ltd. lifted its stake in 3M by 51.6% in the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock worth $576,845,000 after acquiring an additional 1,520,619 shares during the period. Finally, Bank of America Corp DE lifted its stake in 3M by 4.2% in the fourth quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate’s stock worth $551,245,000 after acquiring an additional 172,815 shares during the period. Institutional investors own 65.25% of the company’s stock.

Insider Activity at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the sale, the executive vice president owned 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction dated 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 sale, the executive vice president owned 6,127 shares in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MMM shares. Citigroup upped their price target on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 target price on 3M in a report on Friday, July 18th. Barclays set a $170.00 target price on 3M in a research report on Friday, July 18th. Royal Bank Of Canada boosted their price target on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Saturday, July 12th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $156.33.

3M Stock Performance

MMM opened at $152.18 on Tuesday. 3M Company has a twelve month low of $119.31 and a twelve month high of $164.15. The firm has a market capitalization of $81.06 billion, a PE ratio of 21.17, a PEG ratio of 3.05 and a beta of 1.02. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The firm’s 50-day moving average price is $149.95 and its 200 day moving average price is $146.46.

3M (NYSE:MMM) last released its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The firm had revenue of $6.16 billion during the quarter, compared to analysts’ expectations of $6.09 billion. During the same period last year, the business earned $1.93 earnings per share. 3M’s revenue was up 1.4% compared to the same quarter last year. As a group, sell-side analysts expect 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. Investors 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 1.92%. 3M’s payout ratio is currently 40.61%.

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.