AustralianSuper Pty Ltd Sells 254,156 Shares of 3M (NYSE:MMM)

by · The Markets Daily

AustralianSuper Pty Ltd lowered its holdings in shares of 3M (NYSE:MMM – Free Report) by 41.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 355,188 shares of the conglomerate’s stock after selling 254,156 shares during the period. AustralianSuper Pty Ltd owned about 0.06% of 3M worth $48,554,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Palumbo Wealth Management LLC bought a new position in 3M during the 3rd quarter worth $266,000. Catalyst Financial Partners LLC bought a new position in shares of 3M during the third quarter worth about $250,000. Financial Advocates Investment Management lifted its stake in shares of 3M by 33.6% in the third quarter. Financial Advocates Investment Management now owns 5,645 shares of the conglomerate’s stock worth $772,000 after acquiring an additional 1,421 shares during the period. First Trust Direct Indexing L.P. boosted its holdings in 3M by 9.3% in the third quarter. First Trust Direct Indexing L.P. now owns 13,279 shares of the conglomerate’s stock valued at $1,815,000 after acquiring an additional 1,131 shares during the last quarter. Finally, New York State Teachers Retirement System increased its position in 3M by 2.7% during the 3rd quarter. New York State Teachers Retirement System now owns 503,363 shares of the conglomerate’s stock valued at $68,810,000 after purchasing an additional 13,315 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on MMM. Mizuho upped their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Wells Fargo & Company increased their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Bank of America upped their target price on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. boosted their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $139.27.

Read Our Latest Stock Report on MMM

3M Stock Down 0.1 %

Shares of NYSE MMM traded down $0.12 during trading on Thursday, hitting $127.44. The stock had a trading volume of 590,217 shares, compared to its average volume of 4,909,500. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The firm has a fifty day moving average of $133.07 and a two-hundred day moving average of $114.80. 3M has a 12 month low of $74.51 and a 12 month high of $141.34. The company has a market capitalization of $70.52 billion, a PE ratio of -10.03, a PEG ratio of 2.42 and a beta of 0.95.

3M (NYSE:MMM – Get Free Report) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company’s revenue was down 24.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.68 EPS. As a group, equities research analysts forecast that 3M will post 7.26 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s payout ratio is -22.01%.

Insider Buying and Selling

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

About 3M

(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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