Thrivent Financial for Lutherans Lowers Holdings in 3M (NYSE:MMM)

Thrivent Financial for Lutherans trimmed its position in shares of 3M (NYSE:MMM) by 2.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 60,609 shares of the conglomerate’s stock after selling 1,570 shares during the quarter. Thrivent Financial for Lutherans’ holdings in 3M were worth $6,194,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sei Investments Co. grew its holdings in shares of 3M by 6.7% during the second quarter. Sei Investments Co. now owns 165,119 shares of the conglomerate’s stock valued at $16,874,000 after buying an additional 10,309 shares during the last quarter. Pacer Advisors Inc. boosted its stake in 3M by 2.0% during the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock valued at $506,135,000 after purchasing an additional 97,340 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of 3M by 1.7% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 115,605 shares of the conglomerate’s stock worth $11,814,000 after purchasing an additional 1,949 shares in the last quarter. AE Wealth Management LLC raised its stake in shares of 3M by 6.9% in the second quarter. AE Wealth Management LLC now owns 24,322 shares of the conglomerate’s stock worth $2,485,000 after purchasing an additional 1,565 shares during the last quarter. Finally, Simplify Asset Management Inc. lifted its holdings in shares of 3M by 42.1% during the second quarter. Simplify Asset Management Inc. now owns 34,851 shares of the conglomerate’s stock valued at $3,561,000 after purchasing an additional 10,321 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on 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 in the company, valued at $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 company’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 transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on MMM shares. Wells Fargo & Company lifted their price objective on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. Morgan Stanley initiated coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and increased their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Bank of America boosted their target price on shares of 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Finally, Barclays raised their price target on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and a consensus price target of $124.43.

3M Stock Performance

Shares of MMM opened at $139.43 on Friday. The business has a 50-day simple moving average of $126.61 and a two-hundred day simple moving average of $108.82. 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 has a 52 week low of $71.12 and a 52 week high of $140.72. The stock has a market cap of $77.16 billion, a price-to-earnings ratio of -10.96, a PEG ratio of 2.51 and a beta of 0.95.

3M (NYSE:MMM) last released its 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 company had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the firm posted $2.17 EPS. On average, analysts expect that 3M will post 7.22 EPS for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.01%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

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.