3M (NYSE:MMM) Stock Position Raised by Alliancebernstein L.P.

Alliancebernstein L.P. boosted its position in 3M (NYSE:MMM - Free Report) by 26.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,540,883 shares of the conglomerate's stock after purchasing an additional 533,753 shares during the quarter. Alliancebernstein L.P. owned about 0.47% of 3M worth $328,003,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Financial Life Planners purchased a new stake in 3M in the 4th quarter worth approximately $25,000. Proficio Capital Partners LLC acquired a new position in 3M in the fourth quarter valued at $26,000. FSA Wealth Management LLC purchased a new position in 3M during the third quarter worth about $27,000. Hazlett Burt & Watson Inc. purchased a new stake in 3M in the 4th quarter valued at about $27,000. Finally, Daymark Wealth Partners LLC lifted its holdings in shares of 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock worth $31,000 after acquiring an additional 19,552 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on MMM. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Saturday, March 22nd. Barclays increased their price objective on shares of 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 22nd. Bank of America upped their price target on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. JPMorgan Chase & Co. boosted their price objective on 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada reiterated an "underperform" rating and issued a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. 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 company. Based on data from MarketBeat, 3M has a consensus rating of "Moderate Buy" and an average target price of $149.13.

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Insider Activity at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company's stock in a transaction dated Friday, January 24th. The shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the transaction, the executive vice president now owns 194 shares in the company, valued at $29,918.68. The trade was 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 90 days. Corporate insiders own 0.34% of the company's stock.

3M Stock Performance

NYSE MMM traded down $6.89 during trading hours on Thursday, reaching $140.87. The company's stock had a trading volume of 3,842,087 shares, compared to its average volume of 4,079,092. The stock has a market cap of $75.98 billion, a PE ratio of 18.68, a PEG ratio of 3.30 and a beta of 0.97. The business has a 50-day simple moving average of $149.71 and a 200 day simple moving average of $138.56. 3M has a 52 week low of $89.54 and a 52 week high of $156.35. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the prior year, the firm earned $2.42 earnings per share. The company's quarterly revenue was down 25.0% on a year-over-year basis. Equities research analysts predict that 3M will post 7.8 earnings per share 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 issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.07%. This is a positive change from 3M's previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M's dividend payout ratio (DPR) is 38.68%.

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.