Federated Hermes Inc. Cuts Stock Holdings in 3M (NYSE:MMM)

Federated Hermes Inc. reduced its holdings in shares of 3M (NYSE:MMM - Free Report) by 5.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 119,247 shares of the conglomerate's stock after selling 7,339 shares during the period. Federated Hermes Inc.'s holdings in 3M were worth $15,394,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of 3M during the 4th quarter worth about $636,767,000. Amundi boosted its holdings in 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock worth $337,815,000 after acquiring an additional 898,244 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in 3M by 321.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,097,747 shares of the conglomerate's stock valued at $141,708,000 after acquiring an additional 837,226 shares during the period. Raymond James Financial Inc. bought a new stake in shares of 3M during the fourth quarter valued at approximately $103,788,000. Finally, Alliancebernstein L.P. raised its position in shares of 3M by 26.6% during the fourth quarter. Alliancebernstein L.P. now owns 2,540,883 shares of the conglomerate's stock worth $328,003,000 after purchasing an additional 533,753 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Performance

Shares of NYSE MMM traded up $1.16 during trading on Monday, reaching $137.11. 856,681 shares of the stock traded hands, compared to its average volume of 4,321,123. 3M has a 52-week low of $90.17 and a 52-week high of $156.35. The company has a 50-day moving average of $146.37 and a 200-day moving average of $138.39. The stock has a market capitalization of $73.95 billion, a P/E ratio of 18.16, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

Remove Ads

3M (NYSE:MMM - Get Free Report) last posted its 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 net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter last year, the company earned $2.42 earnings per share. The company's revenue was down 25.0% on a year-over-year basis. Analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a dividend of $0.73 per share. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.13%. This is an increase from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio is currently 38.68%.

Insiders Place Their Bets

In other 3M news, EVP Victoria Clarke sold 1,750 shares of 3M 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 owns 194 shares of the company's stock, valued at $29,918.68. The trade was a 90.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 over the last 90 days. Corporate insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on MMM. Citigroup boosted 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. JPMorgan Chase & Co. decreased their target price on shares of 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Royal Bank of Canada reissued an "underperform" rating and issued a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. Finally, Bank of America raised their target price on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. 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 company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $147.13.

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.