3M Company $MMM Stock Position Trimmed by Ameriprise Financial Inc.

Ameriprise Financial Inc. cut its position in 3M Company (NYSE:MMMFree Report) by 1.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,411,753 shares of the conglomerate’s stock after selling 19,452 shares during the quarter. Ameriprise Financial Inc. owned about 0.26% of 3M worth $207,281,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of MMM. Bragg Financial Advisors Inc raised its position in shares of 3M by 2.3% during the 1st quarter. Bragg Financial Advisors Inc now owns 6,165 shares of the conglomerate’s stock worth $905,000 after buying an additional 137 shares in the last quarter. Norinchukin Bank The raised its position in shares of 3M by 9.1% during the 1st quarter. Norinchukin Bank The now owns 33,684 shares of the conglomerate’s stock worth $4,947,000 after buying an additional 2,812 shares in the last quarter. CW Advisors LLC raised its position in shares of 3M by 132.5% during the 1st quarter. CW Advisors LLC now owns 23,486 shares of the conglomerate’s stock worth $3,491,000 after buying an additional 13,385 shares in the last quarter. Kaufman Rossin Wealth LLC bought a new stake in shares of 3M during the 1st quarter worth about $409,000. Finally, Dorsey & Whitney Trust CO LLC raised its position in shares of 3M by 0.7% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 20,839 shares of the conglomerate’s stock worth $3,060,000 after buying an additional 154 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on MMM shares. Wells Fargo & Company restated an “overweight” rating on shares of 3M in a research report on Friday, July 18th. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Thursday, August 14th. Citigroup boosted their price target on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a research report on Friday, July 18th. Finally, Barclays set a $170.00 target price on shares of 3M in a report on Friday, July 18th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, 3M presently has a consensus rating of “Hold” and a consensus price target of $158.10.

Read Our Latest Research Report on MMM

3M Stock Up 2.7%

NYSE MMM opened at $158.5790 on Friday. The company’s 50 day simple moving average is $152.00 and its 200 day simple moving average is $147.29. The company has a market capitalization of $84.46 billion, a P/E ratio of 22.06, a PEG ratio of 2.99 and a beta of 1.05. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15.

3M (NYSE:MMMGet Free Report) last released its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.15. The business had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same period last year, the firm posted $1.93 earnings per share. Equities research analysts expect that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.8%. 3M’s dividend payout ratio (DPR) is currently 40.61%.

Insider Activity at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the transaction, the insider directly owned 2,900 shares of the company’s stock, valued at $435,522. This trade represents a 68.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

3M Company Profile

(Free Report)

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.

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

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