Varma Mutual Pension Insurance Co Decreases Stake in 3M (NYSE:MMM)

Varma Mutual Pension Insurance Co lessened its position in shares of 3M (NYSE:MMM) by 6.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,645 shares of the conglomerate’s stock after selling 8,555 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in 3M were worth $12,840,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Tributary Capital Management LLC purchased a new position in shares of 3M in the first quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. increased its holdings in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after buying an additional 197 shares during the last quarter. MFA Wealth Advisors LLC purchased a new stake in shares of 3M during the 2nd quarter valued at about $28,000. Northwest Investment Counselors LLC bought a new position in shares of 3M in the 1st quarter valued at about $32,000. Finally, TruNorth Capital Management LLC bought a new position in shares of 3M in the 2nd quarter valued at about $33,000. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of MMM opened at $128.60 on Monday. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. 3M has a 1-year low of $71.12 and a 1-year high of $134.99. The company has a 50-day moving average of $118.48 and a 200 day moving average of $105.18.

3M (NYSE:MMM) last issued its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The business had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period last year, the company posted $2.17 earnings per share. As a group, research analysts anticipate that 3M will post 7.2 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 26th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Monday, August 26th. 3M’s dividend payout ratio is -22.01%.

Analysts Set New Price Targets

Several brokerages have weighed in on MMM. Morgan Stanley started coverage on 3M in a research note on Friday. They set an “underweight” rating and a $125.00 price objective on the stock. Wells Fargo & Company boosted their target price on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a research report on Tuesday, July 30th. Finally, Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a research note on Thursday, June 13th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $124.43.

Insider Transactions at 3M

In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

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.