Wedge Capital Management L L P NC Sells 41,229 Shares of 3M (NYSE:MMM)

Wedge Capital Management L L P NC lowered its stake in 3M (NYSE:MMM) by 30.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 92,030 shares of the conglomerate’s stock after selling 41,229 shares during the quarter. Wedge Capital Management L L P NC’s holdings in 3M were worth $12,581,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Ausdal Financial Partners Inc. raised its stake in shares of 3M by 6.7% in the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after buying an additional 249 shares during the period. Candriam S.C.A. raised its stake in shares of 3M by 19.2% in the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock worth $3,931,000 after buying an additional 6,185 shares during the period. True Vision MN LLC bought a new position in shares of 3M in the second quarter worth about $512,000. Clifford Capital Partners LLC raised its stake in shares of 3M by 21.3% in the second quarter. Clifford Capital Partners LLC now owns 171,152 shares of the conglomerate’s stock worth $17,490,000 after buying an additional 30,009 shares during the period. Finally, Albar Capital Ltd bought a new position in shares of 3M in the second quarter worth about $7,319,000. Institutional investors own 65.25% of the company’s stock.

Insider Transactions at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction 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 $21,486,484.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’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 transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

3M Stock Performance

NYSE MMM opened at $135.85 on Tuesday. The stock has a market capitalization of $75.17 billion, a PE ratio of -10.68, a P/E/G ratio of 2.49 and a beta of 0.95. The business has a 50 day simple moving average of $131.75 and a two-hundred day simple moving average of $111.76. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. 3M has a 1-year low of $71.12 and a 1-year high of $140.72.

3M (NYSE:MMM) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The firm had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter in the previous year, the business earned $2.17 EPS. On average, research analysts predict that 3M will post 7.24 EPS for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio (DPR) is -22.01%.

Analysts Set New Price Targets

MMM has been the topic of several recent analyst reports. Bank of America lifted their target price on 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research note on Tuesday, July 30th. Royal Bank of Canada lifted their target price on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and lifted their target price for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Finally, Wells Fargo & Company lifted their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $127.64.

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.