3M (NYSE:MMM) Shares Sold by Catalyst Funds Management Pty Ltd

Catalyst Funds Management Pty Ltd decreased its stake in shares of 3M (NYSE:MMM - Free Report) by 98.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,400 shares of the conglomerate's stock after selling 191,500 shares during the quarter. Catalyst Funds Management Pty Ltd's holdings in 3M were worth $439,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its holdings in 3M by 51.0% in the third quarter. Assetmark Inc. now owns 651 shares of the conglomerate's stock valued at $89,000 after purchasing an additional 220 shares in the last quarter. Balboa Wealth Partners purchased a new stake in shares of 3M during the 3rd quarter worth approximately $314,000. CIBC Asset Management Inc boosted its holdings in shares of 3M by 6.6% in the 3rd quarter. CIBC Asset Management Inc now owns 94,253 shares of the conglomerate's stock valued at $12,884,000 after buying an additional 5,814 shares in the last quarter. Empirical Finance LLC grew its position in shares of 3M by 2.2% in the 3rd quarter. Empirical Finance LLC now owns 19,079 shares of the conglomerate's stock valued at $2,608,000 after buying an additional 411 shares during the last quarter. Finally, Empowered Funds LLC raised its stake in 3M by 6.1% during the 3rd quarter. Empowered Funds LLC now owns 52,790 shares of the conglomerate's stock worth $7,216,000 after acquiring an additional 3,047 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Price Performance

NYSE MMM traded down $2.06 during trading hours on Thursday, reaching $151.16. The company's stock had a trading volume of 2,578,904 shares, compared to its average volume of 4,218,106. 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's 50-day moving average is $147.62 and its two-hundred day moving average is $137.26. 3M has a fifty-two week low of $85.33 and a fifty-two week high of $156.35. The stock has a market cap of $82.06 billion, a PE ratio of 20.02, a PEG ratio of 3.30 and a beta of 0.97.

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3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts' consensus estimates of $1.66 by $0.02. The business had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company's revenue was down 25.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.42 earnings per share. Analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a $0.73 dividend. This is a boost from 3M's previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 1.93%. 3M's payout ratio is 38.68%.

Insider Activity

In other 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 transaction 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 position. 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 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 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 disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Friday, March 7th. Bank of America raised their price target on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Barclays increased their price objective on 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, January 22nd. Finally, Citigroup lifted their target price on shares of 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.