Shell Asset Management Co. Sells 9,594 Shares of 3M Co (NYSE:MMM)

Shell Asset Management Co. lessened its stake in 3M Co (NYSE:MMM) by 8.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 97,873 shares of the conglomerate’s stock after selling 9,594 shares during the period. Shell Asset Management Co.’s holdings in 3M were worth $13,361,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC increased its holdings in 3M by 127.9% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 832 shares of the conglomerate’s stock valued at $147,000 after purchasing an additional 467 shares during the period. Convergence Investment Partners LLC increased its holdings in 3M by 4.4% during the 4th quarter. Convergence Investment Partners LLC now owns 1,414 shares of the conglomerate’s stock valued at $249,000 after purchasing an additional 60 shares during the period. Allen Capital Group LLC increased its holdings in 3M by 8.0% during the 4th quarter. Allen Capital Group LLC now owns 7,958 shares of the conglomerate’s stock valued at $1,404,000 after purchasing an additional 590 shares during the period. Merriman Wealth Management LLC increased its holdings in 3M by 30.2% during the 4th quarter. Merriman Wealth Management LLC now owns 2,005 shares of the conglomerate’s stock valued at $354,000 after purchasing an additional 465 shares during the period. Finally, Wolff Financial Management LLC increased its holdings in 3M by 6.3% during the 4th quarter. Wolff Financial Management LLC now owns 1,811 shares of the conglomerate’s stock valued at $319,000 after purchasing an additional 107 shares during the period. 67.67% of the stock is owned by institutional investors.

NYSE MMM traded down $0.39 during trading on Friday, hitting $145.42. The stock had a trading volume of 1,043,872 shares, compared to its average volume of 4,019,081. The company has a debt-to-equity ratio of 1.94, a quick ratio of 1.19 and a current ratio of 1.65. The stock has a market capitalization of $86.10 billion, a price-to-earnings ratio of 17.11, a P/E/G ratio of 1.99 and a beta of 0.99. 3M Co has a one year low of $114.04 and a one year high of $187.72. The stock has a 50 day simple moving average of $144.97 and a 200 day simple moving average of $159.07.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, April 28th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.13. The business had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $7.86 billion. 3M had a net margin of 15.37% and a return on equity of 50.24%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.23 earnings per share. On average, sell-side analysts predict that 3M Co will post 7.92 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 22nd will be paid a dividend of $1.47 per share. This represents a $5.88 annualized dividend and a dividend yield of 4.04%. The ex-dividend date is Thursday, May 21st. 3M’s dividend payout ratio is presently 64.62%.

In other news, SVP Ty R. Silberhorn sold 14,623 shares of 3M stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $146.46, for a total transaction of $2,141,684.58. Following the completion of the sale, the senior vice president now owns 16,571 shares of the company’s stock, valued at $2,426,988.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Khandpur K. Ashish sold 3,605 shares of 3M stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $146.85, for a total transaction of $529,394.25. Following the sale, the executive vice president now directly owns 19,193 shares of the company’s stock, valued at approximately $2,818,492.05. The disclosure for this sale can be found here. Insiders have sold 40,184 shares of company stock valued at $5,930,874 in the last ninety days. Insiders own 0.42% of the company’s stock.

MMM has been the topic of several research analyst reports. Deutsche Bank increased their price target on 3M from $158.00 to $163.00 and gave the company a “hold” rating in a report on Wednesday, April 29th. Morgan Stanley upped their price objective on 3M from $131.00 to $160.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Goldman Sachs Group cut their price target on 3M from $172.00 to $159.00 and set a “neutral” rating for the company in a research note on Friday, March 27th. Credit Suisse Group raised their price objective on 3M from $165.00 to $180.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Finally, Royal Bank of Canada increased their price target on shares of 3M from $143.00 to $148.00 and gave the company a “sector perform” rating in a report on Wednesday, April 29th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $161.85.

About 3M

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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

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