abrdn plc Cuts Stake in 3M (NYSE:MMM)

abrdn plc lowered its stake in shares of 3M (NYSE:MMM) by 5.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 854,912 shares of the conglomerate’s stock after selling 51,808 shares during the period. abrdn plc owned about 0.16% of 3M worth $110,472,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of MMM. Czech National Bank increased its stake in shares of 3M by 6.1% during the third quarter. Czech National Bank now owns 111,909 shares of the conglomerate’s stock worth $15,298,000 after purchasing an additional 6,461 shares in the last quarter. Park Avenue Securities LLC grew its stake in 3M by 14.8% during the 3rd quarter. Park Avenue Securities LLC now owns 6,187 shares of the conglomerate’s stock valued at $846,000 after acquiring an additional 796 shares in the last quarter. Everpar Advisors LLC purchased a new stake in 3M during the 3rd quarter valued at about $251,000. Miracle Mile Advisors LLC purchased a new stake in 3M during the 3rd quarter valued at about $218,000. Finally, Fulton Bank N.A. grew its stake in 3M by 25.0% during the 3rd quarter. Fulton Bank N.A. now owns 9,440 shares of the conglomerate’s stock valued at $1,290,000 after acquiring an additional 1,890 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insiders Place Their Bets

In other 3M news, Chairman Michael F. Roman sold 49,598 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the sale, the chairman now directly owns 180,895 shares of the company’s stock, valued at approximately $27,550,308.50. This represents a 21.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 in the last ninety days. 0.38% of the stock is owned by corporate insiders.

3M Stock Performance

Shares of MMM stock opened at $150.13 on Tuesday. The firm’s 50 day moving average price is $135.21 and its 200-day moving average price is $131.26. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a one year low of $75.40 and a one year high of $155.00. The firm has a market cap of $81.76 billion, a P/E ratio of 19.89, a P/E/G ratio of 3.37 and a beta of 0.96.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business’s revenue for the quarter was down 25.0% compared to the same quarter last year. During the same period in the prior year, the business posted $2.42 EPS. As a group, equities research analysts predict that 3M will post 7.8 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on MMM shares. Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 price objective on shares of 3M in a research note on Wednesday, January 22nd. Bank of America upped their price objective on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Mizuho upped their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. JPMorgan Chase & Co. boosted their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, 3M has an average rating of “Moderate Buy” and a consensus target price of $148.87.

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.