Kornitzer Capital Management Inc. KS Has $2.02 Million Position in 3M (NYSE:MMM)

Kornitzer Capital Management Inc. KS lessened its holdings in shares of 3M (NYSE:MMM - Free Report) by 22.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 15,680 shares of the conglomerate's stock after selling 4,484 shares during the period. Kornitzer Capital Management Inc. KS's holdings in 3M were worth $2,024,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in MMM. State Street Corp boosted its stake in 3M by 1.1% during the 3rd quarter. State Street Corp now owns 27,194,612 shares of the conglomerate's stock worth $3,717,503,000 after acquiring an additional 302,900 shares during the last quarter. FMR LLC boosted its position 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 purchasing an additional 4,212,409 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of 3M by 1.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate's stock worth $521,596,000 after purchasing an additional 43,942 shares in the last quarter. National Pension Service increased its position in shares of 3M by 14.5% in the 3rd quarter. National Pension Service now owns 1,268,003 shares of the conglomerate's stock valued at $173,336,000 after buying an additional 161,036 shares in the last quarter. Finally, International Assets Investment Management LLC raised its stake in 3M by 11,601.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate's stock worth $172,416,000 after buying an additional 1,250,491 shares during the period. Institutional investors own 65.25% of the company's stock.

3M Stock Performance

Shares of MMM traded down $3.90 during midday trading on Friday, reaching $145.18. The stock had a trading volume of 1,962,175 shares, compared to its average volume of 3,850,410. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The firm has a 50 day simple moving average of $140.32 and a 200-day simple moving average of $134.41. The firm has a market cap of $78.82 billion, a PE ratio of 19.23, a P/E/G ratio of 3.32 and a beta of 0.96. 3M has a one year low of $75.40 and a one year high of $155.00.

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

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be paid a $0.73 dividend. This is a boost from 3M's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 2.01%. 3M's payout ratio is 38.68%.

Insider Activity

In other news, EVP Victoria Clarke sold 1,750 shares of the company's 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 owns 194 shares of the company's stock, valued at approximately $29,918.68. This represents a 90.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Michael F. Roman sold 49,598 shares of the firm's stock in a transaction 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 completion of the sale, the chairman now directly owns 180,895 shares in the company, valued at approximately $27,550,308.50. This represents a 21.52 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,639 shares of company stock worth $17,163,446. Corporate insiders own 0.34% of the company's stock.

Analyst Ratings Changes

MMM has been the subject of several recent analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of 3M in a report on Wednesday. Royal Bank of Canada reaffirmed an "underperform" rating and issued a $96.00 price target on shares of 3M in a research note on Wednesday, January 22nd. Citigroup increased their price objective on shares of 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 22nd. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, UBS Group upgraded 3M from a "neutral" rating to a "buy" rating and increased their target price for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, 3M currently has a consensus rating of "Moderate Buy" and a consensus price target of $148.87.

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.