Accredited Investors Inc. Trims Holdings in 3M (NYSE:MMM)

Accredited Investors Inc. reduced its position in 3M (NYSE:MMM - Free Report) by 6.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 28,693 shares of the conglomerate's stock after selling 1,932 shares during the quarter. Accredited Investors Inc.'s holdings in 3M were worth $3,704,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of 3M during the fourth quarter worth $636,767,000. Invesco Ltd. grew its holdings in shares of 3M by 51.6% during the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after purchasing an additional 1,520,619 shares during the last quarter. Amundi increased its stake in shares of 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock valued at $337,815,000 after buying an additional 898,244 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in 3M by 321.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,097,747 shares of the conglomerate's stock valued at $141,708,000 after buying an additional 837,226 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in 3M during the 4th quarter worth approximately $103,788,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

NYSE MMM traded down $0.55 on Monday, hitting $135.40. The stock had a trading volume of 1,789,055 shares, compared to its average volume of 4,126,982. The firm has a 50-day moving average of $146.37 and a 200-day moving average of $138.39. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a 52-week low of $90.17 and a 52-week high of $156.35. The company has a market capitalization of $73.02 billion, a price-to-earnings ratio of 17.93, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01.

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3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts' consensus estimates of $1.66 by $0.02. The business had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. 3M's quarterly revenue was down 25.0% on a year-over-year basis. During the same period last year, the firm posted $2.42 earnings per share. Equities analysts expect that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.16%. This is a boost from 3M's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. 3M's dividend payout ratio (DPR) is currently 38.68%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Royal Bank of Canada reiterated an "underperform" rating and set a $96.00 price objective on shares of 3M in a research report on Thursday, February 27th. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Tuesday, April 8th. Citigroup boosted their target price on 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. reduced their price target on shares of 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Two 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. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $147.13.

Insider Buying and Selling

In related news, 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 sale, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Victoria Clarke sold 1,750 shares of the company's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now directly owns 194 shares of the company's stock, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock worth $17,163,446 in the last quarter. 0.34% of the stock is owned by insiders.

3M 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.