3M (NYSE:MMM) Shares Bought by Main Street Research LLC

Main Street Research LLC increased its position in shares of 3M (NYSE:MMM - Free Report) by 88.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,076 shares of the conglomerate's stock after buying an additional 3,782 shares during the period. Main Street Research LLC's holdings in 3M were worth $1,043,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in MMM. FMR LLC increased its stake in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock worth $1,225,087,000 after buying an additional 4,212,409 shares during the period. Amundi increased its stake in shares of 3M by 55.7% during the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock worth $337,815,000 after buying an additional 898,244 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of 3M during the fourth quarter worth approximately $103,788,000. Jennison Associates LLC purchased a new position in 3M in the third quarter valued at approximately $82,208,000. Finally, Parsifal Capital Management LP increased its stake in 3M by 179.0% in the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate's stock valued at $112,107,000 after purchasing an additional 526,194 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the firm's stock in a transaction on Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the completion of the sale, the insider now owns 5,153 shares of the company's stock, valued at approximately $774,238.25. This trade represents a 24.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm's stock in a transaction on Friday, January 24th. The shares were 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 directly owns 5,024 shares of the company's stock, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 over the last three months. 0.38% of the stock is currently owned by company insiders.

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3M Stock Performance

Shares of NYSE MMM traded up $2.75 during mid-day trading on Wednesday, hitting $150.29. 4,196,492 shares of the company were exchanged, compared to its average volume of 4,272,771. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The stock has a 50 day simple moving average of $145.68 and a 200-day simple moving average of $136.63. 3M has a 1-year low of $82.94 and a 1-year high of $156.35. The firm has a market cap of $81.59 billion, a price-to-earnings ratio of 19.91, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same period last year, the company earned $2.42 earnings per share. The company's revenue for the quarter was down 25.0% on a year-over-year basis. On average, sell-side analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be issued a dividend of $0.73 per share. The ex-dividend date of this dividend is Friday, February 14th. This is an increase from 3M's previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.94%. 3M's dividend payout ratio (DPR) is currently 38.68%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Royal Bank of Canada reiterated an "underperform" rating and issued a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Bank of America increased their price target on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Barclays increased their price target on shares of 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, January 22nd. Citigroup increased their price target on shares of 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research note on Wednesday, January 22nd. Finally, Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $149.13.

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.