Plato Investment Management Ltd Sells 4,050 Shares of 3M (NYSE:MMM)

Plato Investment Management Ltd trimmed its stake in shares of 3M (NYSE:MMM) by 27.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,727 shares of the conglomerate’s stock after selling 4,050 shares during the quarter. Plato Investment Management Ltd’s holdings in 3M were worth $1,096,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in 3M in the 4th quarter worth approximately $502,585,000. Balyasny Asset Management L.P. raised its position in shares of 3M by 313.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after buying an additional 2,010,319 shares in the last quarter. Capital World Investors bought a new stake in 3M during the first quarter valued at $165,986,000. National Bank of Canada FI grew its position in 3M by 218.3% during the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after buying an additional 1,021,440 shares in the last quarter. Finally, Janus Henderson Group PLC grew its position in 3M by 1,015.6% during the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after buying an additional 808,914 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Activity

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

3M Trading Up 0.9 %

NYSE MMM opened at $133.18 on Monday. The firm has a market cap of $73.16 billion, a PE ratio of -10.47, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95. 3M has a 1-year low of $71.12 and a 1-year high of $134.99. The stock has a 50-day moving average of $121.42 and a 200-day moving average of $106.54. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last released its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The firm had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same quarter in the prior year, the firm posted $2.17 earnings per share. As a group, sell-side analysts forecast that 3M will post 7.22 EPS for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date was Monday, August 26th. 3M’s payout ratio is -22.01%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MMM. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target for the company in a research report on Thursday, June 13th. Wells Fargo & Company lifted their target price on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Morgan Stanley initiated coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target for the company. Citigroup raised their price objective on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Finally, Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research report on Tuesday, July 30th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $124.43.

About 3M

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.