3M Company $MMM Stock: ProShare Advisors LLC Reduces Position

ProShare Advisors LLC trimmed its holdings in 3M Company (NYSE:MMM) by 3.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 182,603 shares of the conglomerate’s stock after selling 5,945 shares during the period. ProShare Advisors LLC’s holdings in 3M were worth $29,974,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MMM. State Street Corp grew its position in shares of 3M by 0.4% during the second quarter. State Street Corp now owns 27,828,966 shares of the conglomerate’s stock worth $4,505,788,000 after buying an additional 105,222 shares in the last quarter. Amundi raised its holdings in 3M by 67.0% in the second quarter. Amundi now owns 4,536,148 shares of the conglomerate’s stock valued at $734,448,000 after acquiring an additional 1,819,178 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in 3M by 7.4% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,935,534 shares of the conglomerate’s stock valued at $637,202,000 after acquiring an additional 270,458 shares during the last quarter. National Pension Service boosted its stake in 3M by 3.6% during the 2nd quarter. National Pension Service now owns 1,401,543 shares of the conglomerate’s stock valued at $226,924,000 after acquiring an additional 48,167 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH boosted its stake in 3M by 1.2% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 376,784 shares of the conglomerate’s stock valued at $61,849,000 after acquiring an additional 4,628 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Performance

MMM stock opened at $174.32 on Monday. The stock’s 50 day simple moving average is $168.45 and its 200 day simple moving average is $161.35. 3M Company has a 12-month low of $139.34 and a 12-month high of $184.90. The firm has a market cap of $90.08 billion, a P/E ratio of 25.98, a P/E/G ratio of 2.27 and a beta of 1.01. The company has a current ratio of 1.41, a quick ratio of 1.06 and a debt-to-equity ratio of 3.01.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.12. 3M had a net margin of 14.01% and a return on equity of 123.11%. The firm had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.61 billion. During the same quarter in the previous year, the company posted $2.19 earnings per share. The firm’s revenue was up 1.5% on a year-over-year basis. As a group, equities research analysts predict that 3M Company will post 9.14 EPS for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Monday, August 24th were issued a $0.78 dividend. The ex-dividend date of this dividend was Monday, August 24th. This represents a $3.12 annualized dividend and a dividend yield of 1.8%. 3M’s payout ratio is 46.50%.

Insider Activity at 3M

In other news, insider Karin Chavez sold 3,635 shares of 3M stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $182.51, for a total value of $663,423.85. Following the completion of the transaction, the insider directly owned 14,035 shares of the company’s stock, valued at approximately $2,561,527.85. The trade was a 20.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MMM. Royal Bank Of Canada boosted their target price on shares of 3M from $132.00 to $135.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 21st. Sanford C. Bernstein upped their target price on shares of 3M from $171.00 to $197.00 and gave the company a “market perform” rating in a research note on Wednesday, October 21st. Wells Fargo & Company started coverage on shares of 3M in a research report on Thursday, September 24th. They set an “equal weight” rating and a $195.00 price target on the stock. Jefferies Financial Group reiterated a “hold” rating and issued a $186.00 price target on shares of 3M in a research note on Wednesday, October 21st. Finally, Raymond James Financial reiterated a “market perform” rating on shares of 3M in a research note on Wednesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and an average price target of $185.36.

About 3M

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.