Byrne Asset Management LLC Decreases Stock Holdings in 3M (NYSE:MMM)

Byrne Asset Management LLC trimmed its position in shares of 3M (NYSE:MMM) by 12.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,201 shares of the conglomerate’s stock after selling 178 shares during the period. Byrne Asset Management LLC’s holdings in 3M were worth $176,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in 3M during the 4th quarter valued at $636,767,000. Invesco Ltd. grew its position in shares of 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock worth $576,845,000 after buying an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. bought a new position in shares of 3M during the 4th quarter worth $175,110,000. Capital World Investors grew its position in shares of 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after buying an additional 1,248,093 shares in the last quarter. Finally, Amundi lifted its stake in shares of 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock worth $337,815,000 after purchasing an additional 898,244 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MMM shares. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research note on Wednesday. Barclays upped their price objective on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 23rd. Royal Bank of Canada raised their price target on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, April 23rd. Bank of America raised their price target on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Finally, JPMorgan Chase & Co. raised their price target on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $155.83.

3M Trading Down 1.8%

Shares of NYSE:MMM opened at $142.17 on Friday. The business has a 50-day moving average price of $142.25 and a 200-day moving average price of $141.77. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The stock has a market cap of $76.51 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 3.30 and a beta of 1.03. 3M has a 52-week low of $98.26 and a 52-week high of $156.35.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $5.78 billion. Equities analysts predict that 3M will post 7.8 EPS for the current year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.05%. 3M’s payout ratio is currently 36.87%.

Insider Buying and Selling at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction 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 transaction, the executive vice president now directly owns 31,372 shares in the company, valued at $4,654,663.64. This trade represents a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is owned by corporate insiders.

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.