Twin Tree Management LP Sells 51,593 Shares of 3M (NYSE:MMM)

Twin Tree Management LP decreased its position in shares of 3M (NYSE:MMM - Free Report) by 36.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 89,664 shares of the conglomerate's stock after selling 51,593 shares during the period. Twin Tree Management LP's holdings in 3M were worth $11,575,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Investors Asset Management of Georgia Inc. GA ADV increased its holdings 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 worth $694,000 after purchasing an additional 67 shares during the period. Parkside Financial Bank & Trust increased 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 worth $665,000 after acquiring an additional 70 shares during the period. Gilbert & Cook Inc. raised its holdings in 3M by 1.5% in the 4th quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate's stock valued at $659,000 after acquiring an additional 73 shares in the last quarter. Childress Capital Advisors LLC lifted its position in shares of 3M by 5.1% during the 4th quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate's stock valued at $203,000 after acquiring an additional 76 shares during the period. Finally, Capital Advisors Ltd. LLC increased its position 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 worth $196,000 after purchasing an additional 77 shares during the period. 65.25% of the stock is owned by institutional investors.

Remove Ads

Insider Activity at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares of the company's stock, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the transaction, the chief accounting officer now owns 4,417 shares in the company, valued at approximately $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. In the last quarter, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by corporate insiders.

3M Stock Down 0.6 %

Shares of MMM stock traded down $0.92 on Friday, reaching $150.35. 5,538,487 shares of the company were exchanged, compared to its average volume of 4,052,191. 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 company has a 50-day moving average of $147.96 and a 200-day moving average of $137.36. The company has a market cap of $81.63 billion, a price-to-earnings ratio of 19.91, a PEG ratio of 3.30 and a beta of 0.97. 3M has a one year low of $85.62 and a one year high of $156.35.

3M (NYSE:MMM - Get Free Report) last announced its quarterly 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. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the prior year, the company earned $2.42 earnings per share. The company's quarterly revenue was down 25.0% on a year-over-year basis. Analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio is currently 38.68%.

Analyst Ratings Changes

MMM has been the topic of a number of analyst reports. Royal Bank of Canada reiterated an "underperform" rating and set a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. Bank of America increased their price target on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Friday, March 7th. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, Barclays lifted their price objective on 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $149.13.

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.