Theresa E. Reinseth Sells 2,100 Shares of 3M (NYSE:MMM) Stock

3M (NYSE:MMM) CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The shares were 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

3M Stock Performance

Shares of NYSE:MMM traded up $0.55 on Wednesday, reaching $125.44. The company’s stock had a trading volume of 370,301 shares, compared to its average volume of 5,427,657. The stock’s 50-day moving average is $105.51 and its two-hundred day moving average is $99.59. 3M has a 52-week low of $71.12 and a 52-week high of $128.65. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The stock has a market capitalization of $69.41 billion, a P/E ratio of -9.82, a PEG ratio of 2.34 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The firm had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same period in the prior year, the company posted $2.17 earnings per share. As a group, sell-side analysts forecast that 3M will post 7.21 EPS for the current year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were given a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.23%. 3M’s dividend payout ratio is presently -22.01%.

Analysts Set New Price Targets

Several research firms have recently commented on MMM. Royal Bank of Canada boosted their price target on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. Vertical Research raised 3M from a “hold” rating to a “buy” rating and boosted their price target for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. Barclays boosted their price target on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research report on Tuesday, July 30th. Finally, HSBC raised 3M from a “hold” rating to a “buy” rating and upped their target price for the company from $91.13 to $115.00 in a research report on Friday, May 10th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $123.57.

Institutional Trading of 3M

A number of hedge funds have recently bought and sold shares of the company. Fortis Capital Advisors LLC boosted its position in 3M by 2.9% during the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after acquiring an additional 84 shares during the last quarter. AMG National Trust Bank boosted its position in 3M by 3.1% during the second quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock worth $340,000 after acquiring an additional 100 shares during the last quarter. Platinum Investment Management Ltd. raised its stake in 3M by 11.4% during the first quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock worth $108,000 after purchasing an additional 104 shares during the period. Allen Capital Group LLC raised its stake in 3M by 0.5% during the fourth quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after purchasing an additional 105 shares during the period. Finally, Geneos Wealth Management Inc. raised its stake in 3M by 2.0% during the first quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock worth $562,000 after purchasing an additional 105 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

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.