3M (NYSE:MMM) Shares Purchased by CenterBook Partners LP

CenterBook Partners LP grew its position in 3M (NYSE:MMM - Free Report) by 212.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 13,179 shares of the conglomerate's stock after buying an additional 8,965 shares during the period. CenterBook Partners LP's holdings in 3M were worth $1,701,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC raised its holdings in 3M by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock worth $1,493,655,000 after purchasing an additional 280,048 shares during the period. Bank of New York Mellon Corp lifted its holdings in 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock valued at $734,456,000 after purchasing an additional 479,621 shares in the last quarter. Norges Bank purchased a new stake in shares of 3M in the fourth quarter worth $636,767,000. Invesco Ltd. raised its position in shares of 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after purchasing an additional 1,520,619 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of 3M by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,577,045 shares of the conglomerate's stock valued at $461,761,000 after buying an additional 17,228 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Price Performance

3M stock traded up $0.89 during trading on Tuesday, reaching $136.90. The company had a trading volume of 860,746 shares, compared to its average volume of 4,314,790. 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 firm's 50-day simple moving average is $146.04 and its 200 day simple moving average is $138.38. The firm has a market capitalization of $73.83 billion, a PE ratio of 18.13, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. 3M has a 1-year low of $90.17 and a 1-year high of $156.35.

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

3M Increases Dividend

The company also recently announced 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. The ex-dividend date was Friday, February 14th. This is an increase from 3M's previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 2.13%. 3M's payout ratio is 38.68%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Tuesday, April 8th. JPMorgan Chase & Co. cut their price objective on shares of 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Bank of America boosted their target price on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. 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. Finally, Barclays cut their price objective on 3M from $165.00 to $160.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $146.47.

Insider Buying and Selling at 3M

In related news, CAO Theresa E. Reinseth sold 2,309 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the transaction, the chief accounting officer now owns 4,417 shares of the company's stock, valued at approximately $662,329.15. This represents a 34.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the business's 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 transaction, the executive vice president now owns 194 shares of the company's stock, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 in the last ninety days. 0.34% of the stock is owned by insiders.

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.