3M (NYSE:MMM) Stock Holdings Cut by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC lessened its position in 3M (NYSE:MMM - Free Report) by 17.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 75,948 shares of the conglomerate's stock after selling 15,503 shares during the period. Kovitz Investment Group Partners LLC's holdings in 3M were worth $9,804,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in 3M in the 4th quarter valued at about $636,767,000. Invesco Ltd. lifted its stake in 3M by 51.6% during the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after purchasing an additional 1,520,619 shares during the last quarter. D1 Capital Partners L.P. bought a new stake in 3M during the fourth quarter worth approximately $175,110,000. Capital World Investors increased its holdings in shares of 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after buying an additional 1,248,093 shares in the last quarter. Finally, Amundi boosted its stake in shares of 3M by 55.7% during the 4th 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. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Buying and Selling at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the firm's stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the sale, the insider now directly owns 5,153 shares of the company's stock, valued at approximately $774,238.25. This trade represents a 24.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Kevin H. Rhodes sold 6,743 shares of the business's stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $149.85, for a total value of $1,010,438.55. Following the transaction, the executive vice president now directly owns 4,902 shares of the company's stock, valued at $734,564.70. This represents a 57.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 59,736 shares of company stock worth $9,081,260 over the last 90 days. Insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Thursday. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Citigroup decreased their price objective on shares of 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. cut their target price on shares of 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Finally, Bank of America raised their target price on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $147.00.

3M Stock Performance

Shares of MMM opened at $137.30 on Friday. The firm has a market cap of $73.89 billion, a price-to-earnings ratio of 18.19, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. The company's fifty day moving average is $143.15 and its 200-day moving average is $138.23. 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 12 month low of $91.56 and a 12 month high of $156.35.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. Equities analysts expect 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 of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 2.13%. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio is presently 36.87%.

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.

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