Skandinaviska Enskilda Banken AB publ Sells 5,748 Shares of 3M (NYSE:MMM)

Skandinaviska Enskilda Banken AB publ trimmed its position in 3M (NYSE:MMM - Free Report) by 4.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,637 shares of the conglomerate's stock after selling 5,748 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in 3M were worth $14,674,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. D.A. Davidson & CO. grew its holdings in 3M by 16.2% in the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate's stock valued at $20,004,000 after buying an additional 20,421 shares in the last quarter. Franklin Resources Inc. grew its holdings in 3M by 26.8% in the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate's stock valued at $114,770,000 after buying an additional 178,450 shares in the last quarter. Meyer Handelman Co. grew its holdings in 3M by 1.4% in the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate's stock valued at $25,511,000 after buying an additional 2,678 shares in the last quarter. FMR LLC grew its holdings in 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock valued at $1,225,087,000 after buying an additional 4,212,409 shares in the last quarter. Finally, USA Financial Formulas acquired a new position in 3M in the 4th quarter valued at $816,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on MMM shares. Barclays increased their target price on 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, January 22nd. Citigroup increased their target price on 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a report on Wednesday, January 22nd. Royal Bank of Canada reissued an "underperform" rating and set a $96.00 target price on shares of 3M in a report on Thursday, February 27th. Bank of America increased their target price on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Finally, JPMorgan Chase & Co. increased their target price on 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $149.13.

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3M Trading Up 1.5 %

3M stock traded up $2.28 during trading hours on Wednesday, hitting $153.20. The stock had a trading volume of 2,344,068 shares, compared to its average volume of 4,249,633. 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 market cap of $83.17 billion, a price-to-earnings ratio of 20.29, a P/E/G ratio of 3.30 and a beta of 0.97. 3M has a one year low of $85.33 and a one year high of $156.35. The business's 50 day simple moving average is $147.25 and its 200-day simple moving average is $137.15.

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

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.91%. This is an increase from 3M's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. 3M's dividend payout ratio (DPR) is 38.68%.

Insider Transactions at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of the firm's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the transaction, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the sale, the chief accounting officer now owns 4,417 shares of the company's stock, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock worth $17,163,446 over the last ninety days. 0.34% of the stock is owned by insiders.

About 3M

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.