Greenleaf Trust Sells 2,354 Shares of 3M Company $MMM

Greenleaf Trust decreased its holdings in 3M Company (NYSE:MMM) by 14.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,341 shares of the conglomerate’s stock after selling 2,354 shares during the period. Greenleaf Trust’s holdings in 3M were worth $2,183,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd bought a new position in shares of 3M in the 1st quarter valued at about $28,000. WPG Advisers LLC bought a new stake in 3M in the first quarter worth about $28,000. Curat Global LLC bought a new stake in 3M in the first quarter worth about $29,000. Saudi Central Bank bought a new stake in 3M in the first quarter worth about $31,000. Finally, Intelligent Financial Strategies bought a new stake in 3M in the first quarter worth about $42,000. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

3M stock opened at $154.93 on Wednesday. The company has a 50 day moving average price of $153.95 and a 200-day moving average price of $148.47. 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 Company has a fifty-two week low of $121.98 and a fifty-two week high of $164.15. The company has a market capitalization of $82.52 billion, a PE ratio of 21.55, a P/E/G ratio of 2.80 and a beta of 1.04.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.15. The firm had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company’s revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.93 earnings per share. As a group, equities analysts forecast that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, August 25th were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Monday, August 25th. 3M’s dividend payout ratio (DPR) is presently 40.61%.

Insider Activity at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the transaction, the insider directly owned 2,900 shares of the company’s stock, valued at $435,522. This trade represents a 68.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at approximately $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.

Wall Street Analysts Forecast Growth

MMM has been the subject of several analyst reports. Wells Fargo & Company reissued an “overweight” rating on shares of 3M in a research note on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research note on Friday, July 18th. Barclays set a $170.00 price objective on shares of 3M in a research note on Friday, July 18th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Saturday, September 13th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $161.78.

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.