3M (NYSE:MMM) Shares Sold by Newport Trust Company LLC

Newport Trust Company LLC reduced its position in shares of 3M (NYSE:MMM) by 2.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,591,617 shares of the conglomerate’s stock after selling 210,309 shares during the period. 3M comprises approximately 1.9% of Newport Trust Company LLC’s holdings, making the stock its 11th largest holding. Newport Trust Company LLC owned about 1.37% of 3M worth $775,787,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tributary Capital Management LLC acquired a new stake in shares of 3M during the 1st quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. increased its position in 3M by 419.1% in the first 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 period. MFA Wealth Advisors LLC acquired a new stake in 3M in the second quarter worth $28,000. Meeder Asset Management Inc. increased its position in 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after buying an additional 269 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new stake in 3M in the first quarter worth $32,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have weighed in on MMM. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and increased their target price for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Wells Fargo & Company increased their target price on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Morgan Stanley initiated coverage on 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Citigroup increased their price target on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Finally, Barclays increased their price target on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $124.43.

3M Trading Up 0.4 %

Shares of MMM stock opened at $133.84 on Friday. The stock has a 50-day simple moving average of $124.02 and a 200 day simple moving average of $107.50. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $135.32. The stock has a market capitalization of $74.06 billion, a P/E ratio of -10.52, a P/E/G ratio of 2.41 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter last year, the business posted $2.17 earnings per share. On average, sell-side analysts expect that 3M will post 7.22 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.09%. 3M’s dividend payout ratio is currently -22.01%.

Insider Activity at 3M

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

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.