Simplify Asset Management Inc. Lowers Stock Position in 3M (NYSE:MMM)

Simplify Asset Management Inc. reduced its position in 3M (NYSE:MMM - Free Report) by 34.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 25,871 shares of the conglomerate's stock after selling 13,563 shares during the period. Simplify Asset Management Inc.'s holdings in 3M were worth $3,340,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of MMM. Thrivent Financial for Lutherans raised its position in shares of 3M by 5.6% in the third quarter. Thrivent Financial for Lutherans now owns 64,013 shares of the conglomerate's stock valued at $8,751,000 after buying an additional 3,404 shares in the last quarter. LPL Financial LLC lifted its position in shares of 3M by 1.3% during the 3rd quarter. LPL Financial LLC now owns 737,531 shares of the conglomerate's stock valued at $100,820,000 after acquiring an additional 9,158 shares during the period. Eagle Asset Management Inc. acquired a new stake in shares of 3M during the 3rd quarter worth $6,191,000. Nwam LLC bought a new stake in shares of 3M during the 3rd quarter worth approximately $1,754,000. Finally, Leelyn Smith LLC increased its stake in 3M by 1.3% in the third quarter. Leelyn Smith LLC now owns 21,513 shares of the conglomerate's stock valued at $2,941,000 after acquiring an additional 277 shares during the last quarter. Institutional investors own 65.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MMM. Citigroup lifted their target price on 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research 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. Barclays lifted their price target on shares of 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. raised their target price on 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 22nd. Finally, Bank of America upped their price target on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $149.13.

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3M Stock Performance

Shares of MMM stock traded up $0.38 during trading hours on Tuesday, hitting $153.53. 4,115,646 shares of the company were exchanged, compared to its average volume of 4,221,795. 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 fifty day simple moving average of $148.72 and a 200 day simple moving average of $137.71. 3M has a 52-week low of $85.33 and a 52-week high of $156.35. The stock has a market capitalization of $83.35 billion, a price-to-earnings ratio of 20.34, a P/E/G ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. The firm had revenue of $6.01 billion for 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 quarter in the prior year, the business posted $2.42 earnings per share. Research analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently declared 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. This is a boost from 3M's previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Friday, February 14th. 3M's dividend payout ratio (DPR) is presently 38.68%.

Insiders Place Their Bets

In related news, EVP Victoria Clarke sold 1,750 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $29,918.68. This 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 this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm's stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction 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 $662,329.15. This trade represents 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 valued at $17,163,446 over the last three months. Insiders own 0.34% of the company's stock.

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.