Korea Investment CORP Sells 16,725 Shares of 3M Company $MMM

by · The Markets Daily

Korea Investment CORP trimmed its position in 3M Company (NYSE:MMM – Free Report) by 4.3% during the 1st quarter, HoldingsChannel reports. The firm owned 368,784 shares of the conglomerate’s stock after selling 16,725 shares during the quarter. Korea Investment CORP’s holdings in 3M were worth $54,160,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Sand Hill Global Advisors LLC increased its holdings in shares of 3M by 7.0% in the first quarter. Sand Hill Global Advisors LLC now owns 3,053 shares of the conglomerate’s stock worth $448,000 after purchasing an additional 200 shares during the last quarter. Brooklyn Investment Group increased its holdings in shares of 3M by 98.5% in the first quarter. Brooklyn Investment Group now owns 1,092 shares of the conglomerate’s stock worth $160,000 after purchasing an additional 542 shares during the last quarter. Versor Investments LP purchased a new position in 3M in the first quarter worth about $379,000. Affinity Investment Advisors LLC grew its position in 3M by 18.6% in the first quarter. Affinity Investment Advisors LLC now owns 2,681 shares of the conglomerate’s stock worth $394,000 after acquiring an additional 420 shares in the last quarter. Finally, Raymond James Financial Inc. grew its position in 3M by 3.7% in the first quarter. Raymond James Financial Inc. now owns 833,614 shares of the conglomerate’s stock worth $122,425,000 after acquiring an additional 29,620 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on MMM. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Thursday, August 14th. JPMorgan Chase & Co. set a $167.00 price target on 3M in a research report on Friday, July 18th. Wells Fargo & Company reiterated an “overweight” rating on shares of 3M in a research report on Friday, July 18th. Royal Bank Of Canada lifted their price target on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Finally, Barclays set a $170.00 price target on 3M in a research report on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, 3M has an average rating of “Hold” and a consensus price target of $158.10.

Get Our Latest Analysis on MMM

Insider Transactions at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the sale, the executive vice president owned 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the sale, the insider owned 2,900 shares of the company’s stock, valued at $435,522. The trade was a 68.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 8,817,401 shares of company stock worth $648,960,803 over the last three months. Company insiders own 0.48% of the company’s stock.

3M Stock Up 0.3%

Shares of NYSE:MMM opened at $152.86 on Tuesday. 3M Company has a 1 year low of $121.98 and a 1 year high of $164.15. The business has a 50 day simple moving average of $151.14 and a two-hundred day simple moving average of $147.12. The firm has a market capitalization of $81.42 billion, a PE ratio of 21.26, a price-to-earnings-growth ratio of 2.95 and a beta of 1.05. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20.

3M (NYSE:MMM – Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.01 by $0.15. The firm had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%. 3M’s quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.93 earnings per share. On average, equities analysts predict that 3M Company will post 7.8 EPS for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. 3M’s payout ratio is 40.61%.

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.

See Also

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Company (NYSE:MMM – Free Report).