Allianz SE Takes $2.09 Million Position in 3M (NYSE:MMM)

Allianz SE acquired a new stake in 3M (NYSE:MMM - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 16,176 shares of the conglomerate's stock, valued at approximately $2,089,000.

Other hedge funds have also recently modified their holdings of the company. Mitchell Sinkler & Starr PA increased its holdings in shares of 3M by 0.7% in the fourth quarter. Mitchell Sinkler & Starr PA now owns 24,162 shares of the conglomerate's stock valued at $3,119,000 after purchasing an additional 175 shares during the last quarter. Michael A. Dubis Financial Planning LLC purchased a new position in shares of 3M during the 4th quarter worth $241,000. Allstate Corp acquired a new position in shares of 3M during the 4th quarter valued at about $2,101,000. Brown Brothers Harriman & Co. grew its holdings in shares of 3M by 3.8% in the fourth quarter. Brown Brothers Harriman & Co. now owns 24,567 shares of the conglomerate's stock valued at $3,171,000 after purchasing an additional 904 shares during the period. Finally, DnB Asset Management AS increased its position in 3M by 15.1% during the fourth quarter. DnB Asset Management AS now owns 164,004 shares of the conglomerate's stock worth $21,171,000 after purchasing an additional 21,479 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Stock Down 0.2 %

Shares of MMM stock traded down $0.33 during trading hours on Wednesday, reaching $147.34. 1,174,974 shares of the stock were exchanged, compared to its average volume of 4,086,230. The business's fifty day moving average is $149.73 and its two-hundred day moving average is $138.49. The firm has a market capitalization of $79.46 billion, a P/E ratio of 19.52, a P/E/G ratio of 3.30 and a beta of 0.97. 3M has a 12-month low of $89.54 and a 12-month high of $156.35. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

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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 company 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%. The company's quarterly revenue was down 25.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.42 EPS. As a group, research analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. This is a boost from 3M's previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend was Friday, February 14th. 3M's dividend payout ratio is currently 38.68%.

Analysts Set New Price Targets

A number of analysts recently issued reports on MMM shares. Barclays raised their price objective on 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a research 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. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Saturday, March 22nd. Finally, Royal Bank of Canada reissued an "underperform" rating and issued a $96.00 target price on shares of 3M in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, 3M has an average rating of "Moderate Buy" and an average price target of $149.13.

Insider Activity

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business's stock in a transaction on 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 $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is currently 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.