Chevy Chase Trust Holdings LLC Sells 14,296 Shares of 3M (NYSE:MMM)

Chevy Chase Trust Holdings LLC lessened its position in shares of 3M (NYSE:MMM) by 4.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 321,722 shares of the conglomerate’s stock after selling 14,296 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.06% of 3M worth $34,125,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of 3M in the 4th quarter valued at about $502,585,000. Pacer Advisors Inc. grew its holdings in 3M by 1,273.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after purchasing an additional 3,508,334 shares during the period. Balyasny Asset Management L.P. grew its holdings in 3M by 313.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after purchasing an additional 2,010,319 shares during the period. Los Angeles Capital Management LLC grew its holdings in 3M by 157.2% during the fourth quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock worth $197,377,000 after purchasing an additional 1,103,459 shares during the period. Finally, International Assets Investment Management LLC lifted its position in 3M by 8,766.0% during the fourth quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock worth $118,168,000 after acquiring an additional 1,068,748 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Trading Up 0.7 %

MMM stock traded up $0.71 during midday trading on Wednesday, hitting $100.40. The stock had a trading volume of 2,704,816 shares, compared to its average volume of 5,363,706. The business has a fifty day moving average price of $100.39 and a two-hundred day moving average price of $98.98. 3M has a 1-year low of $71.12 and a 1-year high of $106.04. The firm has a market cap of $55.56 billion, a P/E ratio of -7.86, a price-to-earnings-growth ratio of 1.88 and a beta of 0.95. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The firm had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same quarter in the prior year, the business earned $1.97 earnings per share. On average, sell-side analysts predict that 3M will post 7.17 earnings per share for the current fiscal year.

3M Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were issued a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.79%. 3M’s dividend payout ratio is presently -22.01%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Royal Bank of Canada lifted their price target on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. UBS Group boosted their price objective on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Citigroup boosted their price objective on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. StockNews.com began coverage on shares of 3M in a research report on Thursday, June 6th. They set a “buy” rating for the company. Finally, Barclays boosted their price objective on shares of 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $112.00.

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.