Wesleyan Assurance Society Sells 2,543 Shares of 3M (NYSE:MMM)

Wesleyan Assurance Society lessened its holdings in 3M (NYSE:MMM) by 2.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 97,557 shares of the conglomerate’s stock after selling 2,543 shares during the quarter. Wesleyan Assurance Society’s holdings in 3M were worth $12,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Geode Capital Management LLC increased its holdings in 3M by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock worth $1,493,655,000 after buying an additional 280,048 shares during the last quarter. Northern Trust Corp increased its stake in shares of 3M by 12.6% during the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock worth $871,738,000 after purchasing an additional 755,155 shares during the last quarter. Capital World Investors raised its holdings in shares of 3M by 25.4% in the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the period. Bank of New York Mellon Corp lifted its stake in 3M by 9.2% in the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock valued at $734,456,000 after purchasing an additional 479,621 shares during the last quarter. Finally, Norges Bank bought a new position in 3M during the fourth quarter valued at $636,767,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

Shares of MMM opened at $154.11 on Tuesday. 3M has a 12-month low of $96.76 and a 12-month high of $156.35. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company has a market cap of $82.94 billion, a PE ratio of 20.41, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. The stock has a 50-day moving average price of $141.68 and a 200-day moving average price of $139.66.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. As a group, equities analysts forecast that 3M 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 Thursday, June 12th. Investors of record on Friday, May 23rd will be paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.89%. 3M’s dividend payout ratio is presently 36.87%.

Insider Buying and Selling at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president now directly owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on MMM shares. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Citigroup dropped their price objective on shares of 3M from $152.00 to $142.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Royal Bank of Canada lifted their target price on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. upped their price target on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Bank of America lifted their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and an average price target of $152.08.

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.