Arrowstreet Capital Limited Partnership Acquires 837,226 Shares of 3M (NYSE:MMM)

Arrowstreet Capital Limited Partnership raised its position in 3M (NYSE:MMM - Free Report) by 321.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,097,747 shares of the conglomerate's stock after acquiring an additional 837,226 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.20% of 3M worth $141,708,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in MMM. Investors Asset Management of Georgia Inc. GA ADV raised its stake in 3M by 1.3% during the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate's stock valued at $694,000 after acquiring an additional 67 shares in the last quarter. Parkside Financial Bank & Trust increased its holdings in shares of 3M by 1.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate's stock valued at $665,000 after purchasing an additional 70 shares during the period. Gilbert & Cook Inc. increased its holdings in shares of 3M by 1.5% during the fourth quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate's stock valued at $659,000 after purchasing an additional 73 shares during the period. Childress Capital Advisors LLC raised its stake in shares of 3M by 5.1% during the fourth quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate's stock valued at $203,000 after purchasing an additional 76 shares in the last quarter. Finally, Capital Advisors Ltd. LLC lifted its holdings in 3M by 5.3% in the fourth quarter. Capital Advisors Ltd. LLC now owns 1,519 shares of the conglomerate's stock worth $196,000 after purchasing an additional 77 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

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3M Trading Up 0.6 %

Shares of NYSE:MMM traded up $0.88 during mid-day trading on Tuesday, hitting $147.74. The stock had a trading volume of 3,641,250 shares, compared to its average volume of 4,132,815. 3M has a 12-month low of $88.23 and a 12-month 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 company has a market cap of $79.68 billion, a PE ratio of 19.57, a P/E/G ratio of 3.30 and a beta of 0.97. The company's 50 day moving average is $149.72 and its 200-day moving average is $138.39.

3M (NYSE:MMM - Get Free Report) last issued its 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. The business had revenue of $6.01 billion during the quarter, compared to analysts' expectations of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M's revenue was down 25.0% compared to the same quarter last year. During the same quarter last year, the firm posted $2.42 earnings per share. On average, sell-side analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

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

Insiders Place Their Bets

In related news, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Michael F. Roman sold 49,598 shares of the business's stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the completion of the transaction, the chairman now owns 180,895 shares in the company, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Bank of America boosted 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. Barclays upped their target price on 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 22nd. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Saturday, March 22nd. Citigroup boosted their price objective on 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada reaffirmed an "underperform" rating and set a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $149.13.

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.