3M Co (NYSE:MMM) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. decreased its stake in shares of 3M Co (NYSE:MMM) by 1.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,453,549 shares of the conglomerate’s stock after selling 26,887 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.43% of 3M worth $425,298,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. M. Kraus & Co increased its stake in 3M by 5.2% during the 2nd quarter. M. Kraus & Co now owns 3,630 shares of the conglomerate’s stock valued at $629,000 after buying an additional 179 shares during the period. Physicians Financial Services Inc. grew its stake in shares of 3M by 11.7% in the 1st quarter. Physicians Financial Services Inc. now owns 16,859 shares of the conglomerate’s stock worth $3,503,000 after purchasing an additional 1,763 shares during the last quarter. Steinberg Global Asset Management grew its stake in shares of 3M by 52.6% in the 1st quarter. Steinberg Global Asset Management now owns 4,903 shares of the conglomerate’s stock worth $1,019,000 after purchasing an additional 1,689 shares during the last quarter. Hemenway Trust Co LLC grew its stake in shares of 3M by 1.5% in the 2nd quarter. Hemenway Trust Co LLC now owns 91,089 shares of the conglomerate’s stock worth $15,789,000 after purchasing an additional 1,381 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in shares of 3M by 10.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 51,967 shares of the conglomerate’s stock worth $9,007,000 after purchasing an additional 4,765 shares during the last quarter. 66.98% of the stock is currently owned by hedge funds and other institutional investors.

In related news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total transaction of $177,216.00. Following the transaction, the insider now owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joaquin Delgado sold 5,400 shares of the business’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $169.68, for a total transaction of $916,272.00. Following the transaction, the insider now directly owns 28,092 shares in the company, valued at approximately $4,766,650.56. The disclosure for this sale can be found here. Company insiders own 0.83% of the company’s stock.

MMM has been the topic of several recent research reports. Barclays reaffirmed a “sell” rating and issued a $162.00 price objective on shares of 3M in a research note on Thursday, June 6th. Wolfe Research set a $174.00 price objective on shares of 3M and gave the stock a “sell” rating in a research note on Friday, April 26th. Credit Suisse Group lifted their price objective on shares of 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. JPMorgan Chase & Co. lowered their price objective on shares of 3M from $143.00 to $140.00 and set an “underweight” rating on the stock in a research note on Tuesday. Finally, Morgan Stanley lifted their price objective on shares of 3M from $172.00 to $177.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $182.54.

Shares of MMM stock traded down $2.13 during trading on Wednesday, hitting $161.58. 3,796,321 shares of the company were exchanged, compared to its average volume of 3,040,538. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34. The company has a market capitalization of $98.11 billion, a price-to-earnings ratio of 15.45, a price-to-earnings-growth ratio of 1.79 and a beta of 1.09. The business’s 50-day moving average is $172.76. 3M Co has a twelve month low of $159.32 and a twelve month high of $219.75.

3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, topping the consensus estimate of $2.04 by $0.16. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.10 billion. 3M had a net margin of 15.27% and a return on equity of 55.05%. The firm’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same period last year, the company posted $2.59 earnings per share. On average, equities analysts predict that 3M Co will post 9.35 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Friday, August 16th will be given a $1.44 dividend. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.56%. 3M’s dividend payout ratio is 55.07%.

3M Company Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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