MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Lowers Stock Position in 3M Company $MMM

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH reduced its stake in shares of 3M Company (NYSE:MMM) by 97.0% in the second quarter, HoldingsChannel.com reports. The fund owned 2,147 shares of the conglomerate’s stock after selling 69,132 shares during the quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s holdings in 3M were worth $327,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd purchased a new position in shares of 3M during the 1st quarter valued at about $28,000. WPG Advisers LLC purchased a new stake in 3M in the first quarter worth approximately $28,000. Curat Global LLC bought a new position in 3M during the first quarter valued at approximately $29,000. Saudi Central Bank bought a new position in 3M during the first quarter valued at approximately $31,000. Finally, Intelligent Financial Strategies purchased a new position in shares of 3M during the first quarter worth approximately $42,000. Institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling

In other 3M 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 completion of the sale, the insider owned 2,900 shares of the company’s stock, valued at approximately $435,522. The trade was a 68.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of the business’s stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the sale, the chief accounting officer owned 2,561 shares of the company’s stock, valued at approximately $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

3M Stock Performance

Shares of 3M stock opened at $152.90 on Friday. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15. The firm has a market capitalization of $81.44 billion, a P/E ratio of 21.27, a P/E/G ratio of 2.81 and a beta of 1.04. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The business has a fifty day simple moving average of $153.88 and a two-hundred day simple moving average of $148.36.

3M (NYSE:MMM) last posted its quarterly 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. 3M had a return on equity of 96.48% and a net margin of 16.01%.The company had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter in the prior year, the business posted $1.93 EPS. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. On average, equities analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Monday, August 25th were paid a $0.73 dividend. The ex-dividend date was Monday, August 25th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. 3M’s payout ratio is currently 40.61%.

Analysts Set New Price Targets

MMM has been the topic of a number of analyst reports. Wells Fargo & Company reiterated an “overweight” rating on shares of 3M in a research report on Friday, July 18th. Barclays set a $170.00 price objective on 3M in a research note on Friday, July 18th. Citigroup boosted their target price on 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, May 30th. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a report on Saturday, September 13th. Finally, JPMorgan Chase & Co. set a $167.00 price target on 3M in a research note on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $161.78.

3M Company 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.