Cartenna Capital LP Raises Holdings in 3M (NYSE:MMM)

Cartenna Capital LP grew its stake in shares of 3M (NYSE:MMM - Free Report) by 117.7% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 664,115 shares of the conglomerate's stock after acquiring an additional 359,115 shares during the period. 3M comprises approximately 4.1% of Cartenna Capital LP's investment portfolio, making the stock its 4th biggest holding. Cartenna Capital LP owned approximately 0.12% of 3M worth $85,731,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. Geode Capital Management LLC increased its position in 3M by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock valued at $1,493,655,000 after purchasing an additional 280,048 shares during the period. Capital World Investors increased its holdings in 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after buying an additional 1,248,093 shares during the period. Bank of New York Mellon Corp raised its stake in 3M by 9.2% in the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock worth $734,456,000 after buying an additional 479,621 shares in the last quarter. Norges Bank purchased a new stake in 3M during the fourth quarter worth $636,767,000. Finally, Invesco Ltd. lifted its holdings in 3M by 51.6% during the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after buying an additional 1,520,619 shares during the period. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Price Performance

Shares of MMM opened at $136.06 on Thursday. The company has a market capitalization of $73.38 billion, a P/E ratio of 18.02, a P/E/G ratio of 3.30 and a beta of 1.01. The business's 50-day moving average is $143.57 and its two-hundred day moving average is $138.17. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a fifty-two week low of $90.65 and a fifty-two week high of $156.35.

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

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a dividend of $0.73 per share. This is a positive change from 3M's previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend was Friday, February 14th. 3M's payout ratio is 38.68%.

Insider Buying and Selling at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the 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 in the company, valued at $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Victoria Clarke sold 1,750 shares of the company's 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 sale, the executive vice president now directly owns 194 shares of the company's stock, valued at approximately $29,918.68. This represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 over the last quarter. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on MMM shares. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Tuesday, April 8th. JPMorgan Chase & Co. cut their target price on 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Barclays raised their price target on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday. Citigroup cut their price objective on shares of 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Finally, Royal Bank of Canada increased their target price on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $147.00.

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.

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