3M (NYSE:MMM) Holdings Cut by Adage Capital Partners GP L.L.C.

Adage Capital Partners GP L.L.C. lowered its position in shares of 3M (NYSE:MMM - Free Report) by 44.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,464,072 shares of the conglomerate's stock after selling 1,193,700 shares during the period. Adage Capital Partners GP L.L.C. owned 0.27% of 3M worth $188,997,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. MGO One Seven LLC increased its holdings in shares of 3M by 20.6% during the fourth quarter. MGO One Seven LLC now owns 9,268 shares of the conglomerate's stock valued at $1,196,000 after purchasing an additional 1,582 shares during the period. Quantessence Capital LLC purchased a new position in shares of 3M in the fourth quarter worth approximately $419,000. Alta Advisers Ltd boosted its stake in 3M by 30.1% in the 4th quarter. Alta Advisers Ltd now owns 1,822 shares of the conglomerate's stock worth $235,000 after purchasing an additional 422 shares during the period. Nippon Life Global Investors Americas Inc. grew its holdings in shares of 3M by 71.3% during the fourth quarter. Nippon Life Global Investors Americas Inc. now owns 422,230 shares of the conglomerate's stock valued at $54,506,000 after buying an additional 175,770 shares in the last quarter. Finally, Transce3nd LLC acquired a new position in shares of 3M in the 4th quarter valued at about $71,000. Institutional investors and hedge funds own 65.25% of the company's stock.

Insiders Place Their Bets

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now owns 5,024 shares of the company's stock, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kevin H. Rhodes sold 6,743 shares of the business's stock in a transaction on Monday, January 27th. The stock was sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the transaction, the executive vice president now owns 4,902 shares in the company, valued at approximately $734,564.70. The trade was a 57.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock valued at $17,163,446 in the last three months. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Up 8.3 %

3M stock opened at $136.50 on Wednesday. The stock has a market capitalization of $73.62 billion, a PE ratio of 18.08, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. The company has a 50 day moving average of $143.82 and a 200-day moving average of $138.18. 3M has a twelve month low of $90.65 and a twelve month high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. On average, equities research analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a $0.73 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 2.14%. This is an increase from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio (DPR) is 38.68%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of recent research reports. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. decreased their price objective on 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Tuesday, April 8th. Royal Bank of Canada reaffirmed an "underperform" rating and set a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Finally, Bank of America upped their target price on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $146.47.

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.

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M (NYSE:MMM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.