Neuberger Berman Group LLC Sells 94,151 Shares of 3M (NYSE:MMM)

Neuberger Berman Group LLC cut its position in shares of 3M (NYSE:MMMGet Rating) by 17.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 456,981 shares of the conglomerate’s stock after selling 94,151 shares during the period. Neuberger Berman Group LLC owned approximately 0.08% of 3M worth $66,828,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Landmark Wealth Management LLC purchased a new stake in 3M during the first quarter worth $25,000. US Asset Management LLC purchased a new position in 3M during the first quarter worth about $34,000. First Quadrant LLC CA purchased a new position in 3M during the first quarter worth about $34,000. Iron Horse Wealth Management LLC grew its holdings in shares of 3M by 125.0% in the first quarter. Iron Horse Wealth Management LLC now owns 288 shares of the conglomerate’s stock valued at $43,000 after purchasing an additional 160 shares in the last quarter. Finally, DeDora Capital Inc. acquired a new position in shares of 3M in the first quarter valued at approximately $45,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Eric D. Hammes sold 3,145 shares of the company’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $147.31, for a total transaction of $463,289.95. Following the transaction, the executive vice president now directly owns 8,818 shares in the company, valued at approximately $1,298,979.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Michael G. Vale sold 36,771 shares of 3M stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $143.26, for a total value of $5,267,813.46. Following the sale, the insider now owns 65,321 shares in the company, valued at $9,357,886.46. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Eric D. Hammes sold 3,145 shares of 3M stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $147.31, for a total transaction of $463,289.95. Following the transaction, the executive vice president now directly owns 8,818 shares in the company, valued at $1,298,979.58. The disclosure for this sale can be found here. Insiders have sold a total of 46,121 shares of company stock worth $6,644,865 in the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MMM. Credit Suisse Group upped their price target on shares of 3M from $157.00 to $160.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of 3M from $155.00 to $127.00 and set a “hold” rating on the stock in a report on Friday, September 9th. Citigroup raised their price target on shares of 3M from $136.00 to $145.00 and gave the company a “neutral” rating in a report on Wednesday, July 27th. Barclays lowered their price objective on shares of 3M from $143.00 to $137.00 and set an “underweight” rating for the company in a research report on Wednesday, July 27th. Finally, Wells Fargo & Company decreased their price target on shares of 3M from $144.00 to $125.00 and set an “equal weight” rating for the company in a research report on Thursday, September 8th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $147.43.

3M Trading Up 0.2 %

Shares of MMM opened at $116.61 on Monday. The firm has a market cap of $66.42 billion, a price-to-earnings ratio of 16.29, a PEG ratio of 1.18 and a beta of 0.99. 3M has a 52-week low of $114.11 and a 52-week high of $186.30. The business’s fifty day moving average is $134.68 and its 200-day moving average is $140.83. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.90 and a current ratio of 1.47.

3M (NYSE:MMMGet Rating) last released its earnings results on Tuesday, July 26th. The conglomerate reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.01. 3M had a return on equity of 39.11% and a net margin of 11.83%. The company had revenue of $8.70 billion during the quarter, compared to analyst estimates of $8.70 billion. During the same period in the prior year, the company posted $2.59 earnings per share. 3M’s quarterly revenue was down 2.2% on a year-over-year basis. Equities analysts anticipate that 3M will post 10.42 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Monday, August 22nd were paid a dividend of $1.49 per share. This represents a $5.96 dividend on an annualized basis and a dividend yield of 5.11%. The ex-dividend date was Friday, August 19th. 3M’s dividend payout ratio (DPR) is 83.24%.

3M Company Profile

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3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

Further Reading

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

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