3M (NYSE:MMM) EVP Sells $1,010,438.55 in Stock

3M (NYSE:MMM) EVP Kevin H. Rhodes sold 6,743 shares of the firm’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the transaction, the executive vice president now owns 4,902 shares of the company’s stock, valued at approximately $734,564.70. This trade represents a 57.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

3M Stock Performance

Shares of MMM stock opened at $154.31 on Friday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $154.65. The stock’s 50-day moving average is $134.20 and its two-hundred day moving average is $130.37. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The firm has a market cap of $84.03 billion, a P/E ratio of 20.44, a PEG ratio of 2.46 and a beta of 0.95.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.42 earnings per share. Analysts predict that 3M will post 7.66 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were given a $0.70 dividend. The ex-dividend date was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.81%. 3M’s dividend payout ratio is currently 37.09%.

Institutional Trading of 3M

Several large investors have recently made changes to their positions in the stock. Public Sector Pension Investment Board lifted its position in shares of 3M by 75.0% during the 2nd quarter. Public Sector Pension Investment Board now owns 21,380 shares of the conglomerate’s stock worth $2,185,000 after purchasing an additional 9,160 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of 3M by 2.9% in the second quarter. The Manufacturers Life Insurance Company now owns 401,554 shares of the conglomerate’s stock valued at $41,035,000 after acquiring an additional 11,368 shares during the period. Creative Planning grew its stake in shares of 3M by 7.5% in the second quarter. Creative Planning now owns 151,763 shares of the conglomerate’s stock worth $15,509,000 after acquiring an additional 10,599 shares during the last quarter. NewEdge Advisors LLC increased its position in 3M by 15.1% during the second quarter. NewEdge Advisors LLC now owns 62,500 shares of the conglomerate’s stock worth $6,387,000 after acquiring an additional 8,220 shares during the period. Finally, Wellington Wealth Strategies LLC. raised its stake in 3M by 80.0% during the 2nd quarter. Wellington Wealth Strategies LLC. now owns 4,094 shares of the conglomerate’s stock valued at $418,000 after purchasing an additional 1,819 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

MMM has been the subject of a number of research reports. Barclays raised their target price on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Citigroup lifted their target price on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a report on Tuesday, October 22nd. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $148.87.

About 3M

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.