Chevy Chase Trust Holdings LLC Sells 1,225 Shares of 3M Company (NYSE:MMM)

Chevy Chase Trust Holdings LLC decreased its holdings in 3M Company (NYSE:MMM) by 0.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 294,452 shares of the conglomerate’s stock after selling 1,225 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.05% of 3M worth $43,243,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of 3M during the fourth quarter valued at approximately $636,767,000. Invesco Ltd. boosted its holdings in 3M by 51.6% during the 4th 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 last quarter. D1 Capital Partners L.P. bought a new stake in shares of 3M in the 4th quarter worth $175,110,000. 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 purchasing an additional 1,248,093 shares during the last quarter. Finally, Amundi lifted its position in shares of 3M by 55.7% during the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after purchasing an additional 898,244 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Buying and Selling

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 transaction of $1,151,202.83. Following the sale, the executive vice president now owns 31,372 shares of the company’s stock, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares of the company’s stock, 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 insiders.

Wall Street Analyst Weigh In

Several research firms have commented on MMM. Barclays increased their price objective on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. lifted their price target on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research note on Wednesday, June 11th. Royal Bank Of Canada raised their target price on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Finally, Citigroup boosted their price target on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, May 30th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $155.83.

3M Price Performance

Shares of NYSE:MMM opened at $149.92 on Wednesday. The firm has a market capitalization of $80.68 billion, a PE ratio of 18.93, a P/E/G ratio of 3.06 and a beta of 1.03. The company has a quick ratio of 1.25, a current ratio of 1.66 and a debt-to-equity ratio of 2.72. The company has a 50-day moving average price of $143.64 and a two-hundred day moving average price of $142.44. 3M Company has a twelve month low of $98.26 and a twelve month high of $156.35.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a net margin of 17.79% and a return on equity of 96.19%. The company had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. Equities analysts forecast that 3M Company will post 7.8 EPS for the current 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 issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.95%. 3M’s dividend payout ratio (DPR) is 36.87%.

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.