3M (NYSE:MMM) Shares Sold by Prudential PLC

Prudential PLC reduced its position in 3M (NYSE:MMM - Free Report) by 12.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,721 shares of the conglomerate's stock after selling 2,695 shares during the period. Prudential PLC's holdings in 3M were worth $2,417,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Investors Asset Management of Georgia Inc. GA ADV boosted its position in shares of 3M by 1.3% during the fourth quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate's stock valued at $694,000 after buying an additional 67 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in 3M by 1.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate's stock valued at $665,000 after acquiring an additional 70 shares in the last quarter. Gilbert & Cook Inc. boosted its holdings in 3M by 1.5% during the 4th quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate's stock worth $659,000 after acquiring an additional 73 shares during the last quarter. Childress Capital Advisors LLC grew its stake in shares of 3M by 5.1% in the 4th quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate's stock worth $203,000 after acquiring an additional 76 shares in the last quarter. Finally, Capital Advisors Ltd. LLC raised its holdings in shares of 3M by 5.3% in the fourth quarter. Capital Advisors Ltd. LLC now owns 1,519 shares of the conglomerate's stock valued at $196,000 after purchasing an additional 77 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Remove Ads

Analyst Ratings Changes

Several equities analysts have weighed in on MMM shares. JPMorgan Chase & Co. increased their price objective on 3M from $162.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, January 22nd. Barclays boosted their price target on shares of 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, January 22nd. Bank of America increased their price target on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Saturday, March 22nd. Two 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 company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $149.13.

Insider Transactions at 3M

In related news, Chairman Michael F. Roman sold 49,598 shares of 3M stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the sale, the chairman now directly owns 180,895 shares in the company, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the transaction, the insider now owns 5,024 shares of the company's stock, valued at $750,736.32. This represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 113,639 shares of company stock valued at $17,163,446. Insiders own 0.34% of the company's stock.

3M Price Performance

NYSE MMM traded up $1.70 during trading hours on Monday, hitting $128.61. 7,174,692 shares of the company's stock traded hands, compared to its average volume of 4,111,640. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The firm's 50-day moving average is $148.59 and its 200-day moving average is $138.55. The company has a market capitalization of $69.36 billion, a PE ratio of 17.03, a PEG ratio of 3.30 and a beta of 1.01. 3M has a 52-week low of $90.17 and a 52-week high of $156.35.

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 analysts' consensus estimates 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 analysts' expectations of $5.77 billion. During the same quarter in the prior year, the company posted $2.42 earnings per share. 3M's revenue for the quarter was down 25.0% compared to the same quarter last year. Equities analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.27%. This is a positive change from 3M's previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M's dividend payout ratio is presently 38.68%.

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.