Shum Financial Group Inc. Cuts Stake in 3M Company (NYSE:MMM)

Shum Financial Group Inc. cut its stake in 3M Company (NYSE:MMM) by 4.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,045 shares of the conglomerate’s stock after selling 100 shares during the quarter. Shum Financial Group Inc.’s holdings in 3M were worth $300,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MMM. Proficio Capital Partners LLC purchased a new position in shares of 3M in the fourth quarter valued at approximately $26,000. REAP Financial Group LLC lifted its holdings in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. purchased a new position in 3M in the 4th quarter valued at $27,000. Pinney & Scofield Inc. acquired a new stake in 3M during the 4th quarter worth $28,000. Finally, Curat Global LLC purchased a new stake in shares of 3M during the first quarter worth $29,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at 3M

In other news, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction dated 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 ownership of the stock. The sale was disclosed in a document filed 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 shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of 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 position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

3M Stock Up 0.9%

Shares of NYSE:MMM opened at $143.85 on Friday. The company has a market capitalization of $77.42 billion, a price-to-earnings ratio of 18.16, a PEG ratio of 2.99 and a beta of 1.03. 3M Company has a 12-month low of $98.26 and a 12-month high of $156.35. The business has a 50-day moving average price of $143.11 and a 200 day moving average price of $142.22. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share 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 analyst estimates of $5.78 billion. Sell-side analysts expect that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.03%. 3M’s dividend payout ratio (DPR) is 36.87%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on MMM shares. Citigroup boosted 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. raised their target price on shares of 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Wednesday, June 11th. Bank of America increased their price target on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Finally, Barclays boosted their price objective on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, 3M currently has an average rating of “Moderate Buy” and a consensus target price of $155.83.

3M 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.