43,067 3M Company $MMM Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its position in shares of 3M Company (NYSE:MMM) by 3.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,374,982 shares of the conglomerate’s stock after selling 43,067 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in 3M were worth $225,703,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of 3M in the third quarter valued at $31,620,000. Northern Financial Advisors Inc boosted its position in shares of 3M by 1.2% in the 3rd quarter. Northern Financial Advisors Inc now owns 12,754 shares of the conglomerate’s stock worth $2,094,000 after buying an additional 148 shares in the last quarter. Vise Technologies Inc. grew its stake in 3M by 21.5% in the 3rd quarter. Vise Technologies Inc. now owns 25,397 shares of the conglomerate’s stock valued at $4,169,000 after acquiring an additional 4,500 shares during the last quarter. Grandfield & Dodd LLC grew its stake in 3M by 4.0% in the 3rd quarter. Grandfield & Dodd LLC now owns 2,577 shares of the conglomerate’s stock valued at $423,000 after acquiring an additional 100 shares during the last quarter. Finally, Summit Global Investments grew its stake in 3M by 17.1% in the 3rd quarter. Summit Global Investments now owns 3,617 shares of the conglomerate’s stock valued at $594,000 after acquiring an additional 528 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Mizuho upped their price objective on 3M from $160.00 to $180.00 and gave the company a “neutral” rating in a research report on Thursday, July 23rd. Jefferies Financial Group reiterated a “hold” rating and set a $186.00 price objective on shares of 3M in a research report on Wednesday, October 21st. Weiss Ratings raised shares of 3M from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 23rd. UBS Group reissued a “buy” rating on shares of 3M in a research note on Wednesday, October 21st. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of 3M in a report on Wednesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $185.36.

3M Stock Down 0.0%

Shares of NYSE MMM opened at $174.32 on Monday. 3M Company has a 1 year low of $139.34 and a 1 year high of $184.90. The firm has a market cap of $90.08 billion, a price-to-earnings ratio of 25.98, a PEG ratio of 2.27 and a beta of 1.01. The company has a debt-to-equity ratio of 3.01, a quick ratio of 1.06 and a current ratio of 1.41. The stock’s 50-day simple moving average is $168.45 and its 200-day simple moving average is $161.35.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.12. The firm had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.61 billion. 3M had a return on equity of 123.11% and a net margin of 14.01%. 3M’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period in the previous year, the company earned $2.19 earnings per share. As a group, equities analysts anticipate that 3M Company will post 9.14 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Monday, August 24th were paid a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, August 24th. This represents a $3.12 annualized dividend and a yield of 1.8%. 3M’s dividend payout ratio (DPR) is currently 46.50%.

Insider Transactions at 3M

In other news, insider Karin Chavez sold 3,635 shares of 3M stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $182.51, for a total value of $663,423.85. Following the transaction, the insider owned 14,035 shares of the company’s stock, valued at $2,561,527.85. The trade was a 20.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.19% of the stock is currently owned by insiders.

3M Company Profile

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.