Chevy Chase Trust Holdings LLC Reduces Stake in 3M (NYSE:MMM)

Chevy Chase Trust Holdings LLC cut its position in 3M (NYSE:MMM) by 1.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 316,391 shares of the conglomerate’s stock after selling 5,331 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.06% of 3M worth $32,332,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in MMM. Tributary Capital Management LLC purchased a new position in 3M in the 1st quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 197 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of 3M during the first quarter worth about $32,000. TruNorth Capital Management LLC acquired a new position in shares of 3M during the second quarter worth about $33,000. Finally, Livelsberger Financial Advisory acquired a new position in shares of 3M during the fourth quarter worth about $35,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Up 1.6 %

NYSE:MMM traded up $2.10 during trading hours on Wednesday, reaching $129.80. The company had a trading volume of 1,697,598 shares, compared to its average volume of 5,290,170. The firm has a market cap of $71.83 billion, a price-to-earnings ratio of -10.12, a P/E/G ratio of 2.34 and a beta of 0.95. The business’s 50-day simple moving average is $110.74 and its two-hundred day simple moving average is $101.63. 3M has a twelve month low of $71.12 and a twelve month high of $129.87. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last announced its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 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 business had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same quarter in the previous year, the firm posted $2.17 earnings per share. On average, equities analysts expect that 3M will post 7.21 earnings per share for the current year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be paid a $0.70 dividend. The ex-dividend date is Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.16%. 3M’s dividend payout ratio (DPR) is -22.01%.

Insider Activity

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

Analysts Set New Price Targets

MMM has been the topic of a number of analyst reports. Bank of America lifted their target price on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. UBS Group upped their target price on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Wells Fargo & Company boosted their target price on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. Finally, Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a research report on Thursday, June 13th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $123.57.

3M 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.