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

AustralianSuper Pty Ltd trimmed its stake in shares of 3M (NYSE:MMM) by 41.7% during the third quarter, HoldingsChannel.com reports. The firm owned 355,188 shares of the conglomerate’s stock after selling 254,156 shares during the quarter. AustralianSuper Pty Ltd’s holdings in 3M were worth $48,554,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. Claro Advisors LLC purchased a new position in 3M during the first quarter valued at approximately $201,000. Norden Group LLC raised its position in shares of 3M by 1,381.0% in the first quarter. Norden Group LLC now owns 65,341 shares of the conglomerate’s stock worth $6,930,000 after buying an additional 60,929 shares in the last quarter. Cornerstone Wealth Management LLC raised its position in shares of 3M by 4.0% in the first quarter. Cornerstone Wealth Management LLC now owns 7,597 shares of the conglomerate’s stock worth $806,000 after buying an additional 289 shares in the last quarter. Flynn Zito Capital Management LLC grew its position in 3M by 135.1% during the first quarter. Flynn Zito Capital Management LLC now owns 4,881 shares of the conglomerate’s stock worth $518,000 after buying an additional 2,805 shares in the last quarter. Finally, Northcape Wealth Management LLC increased its stake in 3M by 13.3% in the 1st quarter. Northcape Wealth Management LLC now owns 2,360 shares of the conglomerate’s stock worth $250,000 after acquiring an additional 277 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Down 0.1 %

MMM stock traded down $0.12 during trading on Thursday, hitting $127.44. 590,217 shares of the company traded hands, compared to its average volume of 4,909,500. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The company has a 50-day moving average of $133.07 and a 200-day moving average of $114.80. The firm has a market capitalization of $70.52 billion, a PE ratio of -10.03, a P/E/G ratio of 2.42 and a beta of 0.95. 3M has a 1 year low of $74.51 and a 1 year high of $141.34.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.68 earnings per share. Analysts predict that 3M will post 7.26 earnings per share for the current fiscal year.

3M Announces Dividend

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research report on Tuesday, October 22nd. Barclays lifted their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Bank of America lifted their price objective on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Citigroup increased their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, 3M has a consensus rating of “Hold” and an average target price of $139.27.

Insider Buying and Selling

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

3M 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.