Assenagon Asset Management S.A. Sells 18,008 Shares of 3M (NYSE:MMM)

Assenagon Asset Management S.A. reduced its position in shares of 3M (NYSE:MMM) by 45.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 22,021 shares of the conglomerate’s stock after selling 18,008 shares during the quarter. Assenagon Asset Management S.A.’s holdings in 3M were worth $3,234,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MMM. Trueblood Wealth Management LLC bought a new stake in 3M in the first quarter worth $217,000. Dividend Assets Capital LLC lifted its position in 3M by 8.1% in the first quarter. Dividend Assets Capital LLC now owns 2,667 shares of the conglomerate’s stock worth $392,000 after buying an additional 200 shares during the last quarter. Sonora Investment Management Group LLC lifted its position in 3M by 7.8% in the first quarter. Sonora Investment Management Group LLC now owns 2,087 shares of the conglomerate’s stock worth $306,000 after buying an additional 151 shares during the last quarter. Crescent Sterling Ltd. bought a new stake in 3M in the first quarter worth $212,000. Finally, Accurate Wealth Management LLC lifted its position in 3M by 11.0% in the first quarter. Accurate Wealth Management LLC now owns 9,528 shares of the conglomerate’s stock worth $1,295,000 after buying an additional 943 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Price Performance

MMM opened at $142.17 on Monday. The business’s 50-day moving average is $142.25 and its two-hundred day moving average is $141.90. 3M has a 1 year low of $98.26 and a 1 year high of $156.35. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The firm has a market capitalization of $76.51 billion, a PE ratio of 18.83, a price-to-earnings-growth ratio of 3.30 and a beta of 1.03.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $5.78 billion. Research analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently declared 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 dividend payout ratio is presently 36.87%.

Insiders Place Their Bets

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

Analyst Ratings Changes

Several analysts have recently weighed in on MMM shares. JPMorgan Chase & Co. lifted their target price on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research report on Friday, May 16th. Barclays lifted their target price on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. Royal Bank of Canada lifted their target price on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Citigroup lifted their target price on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Wednesday, June 11th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $155.83.

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.