3M (NYSE:MMM) Stake Lowered by People s United Financial Inc.

People s United Financial Inc. reduced its stake in shares of 3M (NYSE:MMMGet Rating) by 20.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,035 shares of the conglomerate’s stock after selling 7,001 shares during the period. People s United Financial Inc.’s holdings in 3M were worth $4,980,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of MMM. Morgan Stanley boosted its holdings in 3M by 16.4% in the second quarter. Morgan Stanley now owns 5,903,837 shares of the conglomerate’s stock worth $1,172,678,000 after purchasing an additional 832,796 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of 3M by 753.5% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,357 shares of the conglomerate’s stock valued at $238,000 after buying an additional 1,198 shares during the last quarter. Bank of Nova Scotia raised its position in shares of 3M by 6.0% during the third quarter. Bank of Nova Scotia now owns 308,767 shares of the conglomerate’s stock valued at $54,163,000 after buying an additional 17,568 shares during the last quarter. Vident Investment Advisory LLC raised its position in shares of 3M by 13.5% during the third quarter. Vident Investment Advisory LLC now owns 35,581 shares of the conglomerate’s stock valued at $6,242,000 after buying an additional 4,237 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in 3M by 3.4% in the third quarter. Geode Capital Management LLC now owns 10,652,692 shares of the conglomerate’s stock valued at $1,864,451,000 after acquiring an additional 345,528 shares during the period. Institutional investors and hedge funds own 67.22% of the company’s stock.

In other news, CEO Michael F. Roman sold 10,610 shares of 3M stock in a transaction dated Tuesday, May 3rd. The shares were sold at an average price of $146.21, for a total value of $1,551,288.10. Following the completion of the transaction, the chief executive officer now owns 90,361 shares of the company’s stock, valued at approximately $13,211,681.81. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Mojdeh Poul sold 1,634 shares of 3M stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $151.68, for a total transaction of $247,845.12. Following the completion of the transaction, the insider now directly owns 7,637 shares of the company’s stock, valued at approximately $1,158,380.16. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

Several analysts have weighed in on the stock. UBS Group decreased their price objective on shares of 3M from $168.00 to $118.00 and set a “sell” rating on the stock in a research note on Friday, March 11th. Mizuho cut their price objective on shares of 3M from $180.00 to $170.00 and set a “neutral” rating on the stock in a report on Tuesday, February 15th. Royal Bank of Canada increased their price objective on shares of 3M from $136.00 to $138.00 and gave the company an “underperform” rating in a report on Wednesday, April 27th. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating and set a $159.00 price objective on the stock. in a report on Friday, April 22nd. Finally, Barclays cut their target price on shares of 3M from $155.00 to $146.00 and set an “underweight” rating on the stock in a report on Wednesday, April 27th. Six research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, 3M presently has an average rating of “Hold” and an average target price of $164.73.

3M stock traded down $2.64 during mid-day trading on Tuesday, reaching $141.74. The company’s stock had a trading volume of 20,860 shares, compared to its average volume of 3,309,792. The company has a market capitalization of $80.66 billion, a price-to-earnings ratio of 14.98, a price-to-earnings-growth ratio of 1.43 and a beta of 0.92. 3M has a 12 month low of $139.74 and a 12 month high of $206.81. The business’s 50 day simple moving average is $148.70 and its 200 day simple moving average is $161.38. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.00 and a current ratio of 1.58.

3M (NYSE:MMMGet Rating) last released its earnings results on Tuesday, April 26th. The conglomerate reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.33 by $0.32. The business had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.75 billion. 3M had a net margin of 15.84% and a return on equity of 39.35%. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter last year, the firm earned $2.77 earnings per share. As a group, sell-side analysts expect that 3M will post 10.85 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Sunday, June 12th. Investors of record on Friday, May 20th will be given a $1.49 dividend. This represents a $5.96 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date is Thursday, May 19th. 3M’s dividend payout ratio (DPR) is currently 62.02%.

About 3M (Get Rating)

3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

Further Reading

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

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