Wesleyan Assurance Society Reduces Holdings in 3M (NYSE:MMM)

Wesleyan Assurance Society reduced its stake in 3M (NYSE:MMM) by 2.5% during the fourth quarter, according to its most recent 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 period. Wesleyan Assurance Society’s holdings in 3M were worth $12,595,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Woodline Partners LP increased its stake in shares of 3M by 20.2% in the fourth quarter. Woodline Partners LP now owns 488,343 shares of the conglomerate’s stock worth $63,040,000 after buying an additional 82,057 shares during the period. Victrix Investment Advisors purchased a new position in shares of 3M in the fourth quarter valued at about $3,736,000. St. Clair Advisors LLC purchased a new stake in shares of 3M during the fourth quarter worth about $655,000. Tidal Investments LLC grew its stake in shares of 3M by 233.2% in the fourth quarter. Tidal Investments LLC now owns 242,335 shares of the conglomerate’s stock worth $31,283,000 after purchasing an additional 169,602 shares during the last quarter. Finally, TrinityPoint Wealth LLC increased its holdings in 3M by 2.2% during the 4th quarter. TrinityPoint Wealth LLC now owns 15,411 shares of the conglomerate’s stock valued at $1,989,000 after purchasing an additional 337 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the firm’s stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 6,127 shares in the company, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.34% of the stock is currently owned by company insiders.

3M Price Performance

Shares of NYSE MMM opened at $154.11 on Tuesday. The company has a 50 day simple moving average of $141.68 and a two-hundred day simple moving average of $139.66. 3M has a fifty-two week low of $96.76 and a fifty-two week high of $156.35. The company has a market capitalization of $82.94 billion, a price-to-earnings ratio of 20.41, a P/E/G ratio of 3.30 and a beta of 1.02. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM) last posted its quarterly earnings data 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 return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. Analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.89%. 3M’s dividend payout ratio is presently 36.87%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on MMM shares. Barclays increased their price objective on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday, April 23rd. Royal Bank of Canada lifted their price target on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, April 23rd. Bank of America upped their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Citigroup cut their target price on shares of 3M from $152.00 to $142.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Finally, Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, 3M currently has a consensus rating of “Moderate Buy” and an average target price of $152.08.

3M Company 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.