Capital World Investors Increases Stake in 3M (NYSE:MMM)

Capital World Investors increased its position in shares of 3M (NYSE:MMM - Free Report) by 25.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,153,924 shares of the conglomerate's stock after buying an additional 1,248,093 shares during the period. Capital World Investors owned about 1.13% of 3M worth $794,410,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Financial Life Planners purchased a new position in 3M during the fourth quarter valued at approximately $25,000. Hazlett Burt & Watson Inc. purchased a new stake in shares of 3M during the 4th quarter worth $27,000. Meeder Asset Management Inc. grew its stake in 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock valued at $40,000 after purchasing an additional 214 shares during the last quarter. ORG Partners LLC boosted its holdings in shares of 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock valued at $41,000 after buying an additional 98 shares in the last quarter. Finally, Catalyst Capital Advisors LLC raised its stake in shares of 3M by 81.5% during the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate's stock worth $47,000 after acquiring an additional 163 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on MMM shares. JPMorgan Chase & Co. decreased their price objective on 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Barclays increased their price objective on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday. Royal Bank of Canada raised their price target on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday. Bank of America raised their target price on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Finally, Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. 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 company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $147.00.

3M Price Performance

MMM traded up $3.42 during trading on Thursday, reaching $139.48. The company's stock had a trading volume of 1,420,669 shares, compared to its average volume of 4,397,474. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The firm has a fifty day simple moving average of $143.57 and a two-hundred day simple moving average of $138.17. The company has a market cap of $75.22 billion, a price-to-earnings ratio of 18.48, a PEG ratio of 3.30 and a beta of 1.01. 3M has a 1 year low of $90.65 and a 1 year high of $156.35.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. As a group, analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a $0.73 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 2.09%. This is an increase from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is currently 38.68%.

Insider Transactions at 3M

In other 3M news, EVP Victoria Clarke sold 1,750 shares of 3M 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 completion of the sale, the executive vice president now directly owns 194 shares in the company, valued at $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 available at the SEC website. Also, Chairman Michael F. Roman sold 49,598 shares of the company's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the completion of the transaction, the chairman now owns 180,895 shares in the company, valued at approximately $27,550,308.50. This represents a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is currently owned by company 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.