Advisors Asset Management Inc. Trims Position in 3M (NYSE:MMM)

Advisors Asset Management Inc. reduced its position in 3M (NYSE:MMM - Free Report) by 16.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 266,170 shares of the conglomerate's stock after selling 53,200 shares during the quarter. 3M makes up approximately 0.6% of Advisors Asset Management Inc.'s portfolio, making the stock its 17th biggest position. Advisors Asset Management Inc.'s holdings in 3M were worth $34,360,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares during the last quarter. Amundi grew its stake in shares of 3M by 55.7% in the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock valued at $337,815,000 after purchasing an additional 898,244 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of 3M in the 4th quarter valued at approximately $103,788,000. Jennison Associates LLC purchased a new position in shares of 3M in the 3rd quarter valued at approximately $82,208,000. Finally, Parsifal Capital Management LP lifted its holdings in shares of 3M by 179.0% in the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate's stock valued at $112,107,000 after buying an additional 526,194 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MMM shares. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Friday, March 7th. Citigroup upped their target price on 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their price target on 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 22nd. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada restated an "underperform" rating and set a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. Two 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 company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $149.13.

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3M Price Performance

Shares of 3M stock traded down $0.92 on Friday, reaching $150.35. 5,538,508 shares of the stock were exchanged, compared to its average volume of 4,036,029. The firm's 50 day moving average is $148.35 and its 200-day moving average is $137.47. 3M has a one year low of $85.62 and a one year high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The firm has a market cap of $81.63 billion, a PE ratio of 19.91, a P/E/G ratio of 3.30 and a beta of 0.97.

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

3M Increases Dividend

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

Insider Activity

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the 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 transaction, the insider now owns 5,024 shares of the company's stock, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares of the company's stock, valued at $29,918.68. The trade was a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock valued at $17,163,446 over the last quarter. Company 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.