Blueshift Asset Management LLC Cuts Stock Position in 3M (NYSE:MMM)

Blueshift Asset Management LLC trimmed its stake in shares of 3M (NYSE:MMM - Free Report) by 70.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,362 shares of the conglomerate's stock after selling 5,594 shares during the quarter. Blueshift Asset Management LLC's holdings in 3M were worth $305,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of MMM. FMR LLC increased its position in 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. Amundi grew its holdings in 3M by 55.7% during 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 during the period. Raymond James Financial Inc. purchased a new position in 3M in the fourth quarter worth $103,788,000. Parsifal Capital Management LP lifted its holdings in 3M by 179.0% in the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate's stock valued at $112,107,000 after acquiring an additional 526,194 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of 3M by 9.2% during the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock worth $734,456,000 after purchasing an additional 479,621 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Trading Down 0.6 %

Shares of MMM traded down $0.85 on Wednesday, hitting $152.65. 3,836,603 shares of the stock traded hands, compared to its average volume of 4,015,803. The firm has a market capitalization of $82.87 billion, a P/E ratio of 20.22, a P/E/G ratio of 3.30 and a beta of 0.97. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 1 year low of $85.62 and a 1 year high of $156.35. The stock's 50 day moving average is $149.05 and its two-hundred day moving average is $137.88.

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3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating analysts' consensus estimates of $1.66 by $0.02. The business 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 revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.42 earnings per share. As a group, sell-side analysts predict that 3M will post 7.8 earnings per share for the current 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 issued a dividend of $0.73 per share. This is a positive change from 3M's previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend was Friday, February 14th. 3M's dividend payout ratio is presently 38.68%.

Insider Buying and Selling

In other 3M news, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This trade represents a 90.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company's 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 sale, the insider now owns 5,024 shares of the company's stock, 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. Over the last three months, insiders have sold 113,639 shares of company stock valued at $17,163,446. Insiders own 0.34% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on MMM shares. JPMorgan Chase & Co. increased their price target on shares of 3M from $162.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, January 22nd. Citigroup lifted their price target on shares of 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research report on Wednesday, January 22nd. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Saturday. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Barclays upped their target price on 3M from $161.00 to $165.00 and gave the company 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 company's stock. According to data from MarketBeat.com, 3M has an average rating of "Moderate Buy" and an average 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.