631,206 Shares in 3M (NYSE:MMM) Purchased by Ceredex Value Advisors LLC

Ceredex Value Advisors LLC purchased a new stake in shares of 3M (NYSE:MMM - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 631,206 shares of the conglomerate's stock, valued at approximately $81,482,000. 3M makes up about 1.6% of Ceredex Value Advisors LLC's investment portfolio, making the stock its 8th largest position. Ceredex Value Advisors LLC owned 0.12% of 3M at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Tudor Financial Inc. purchased a new position in 3M in the 3rd quarter worth approximately $259,000. World Investment Advisors LLC boosted its position in shares of 3M by 22.4% during the third quarter. World Investment Advisors LLC now owns 11,768 shares of the conglomerate's stock valued at $1,609,000 after purchasing an additional 2,155 shares in the last quarter. Wilmington Savings Fund Society FSB raised its stake in 3M by 255.1% during the third quarter. Wilmington Savings Fund Society FSB now owns 78,978 shares of the conglomerate's stock valued at $10,796,000 after buying an additional 56,734 shares during the last quarter. Tidal Investments LLC raised its holdings in 3M by 44.7% in the 3rd quarter. Tidal Investments LLC now owns 72,733 shares of the conglomerate's stock worth $9,943,000 after acquiring an additional 22,461 shares during the last quarter. Finally, Peapack Gladstone Financial Corp raised its position in 3M by 0.7% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 116,993 shares of the conglomerate's stock worth $15,993,000 after buying an additional 830 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

MMM has been the topic of a number of research reports. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Barclays cut their target price on shares of 3M from $165.00 to $160.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Tuesday, April 8th. Citigroup decreased their price objective on shares of 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, Royal Bank of Canada reissued an "underperform" rating and set a $96.00 price objective on shares of 3M in a research report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $146.47.

3M Stock Performance

Shares of NYSE:MMM traded down $0.30 during midday trading on Friday, reaching $130.16. 4,951,917 shares of the company traded hands, compared to its average volume of 4,151,045. The firm has a market capitalization of $70.20 billion, a price-to-earnings ratio of 17.24, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. 3M has a 12 month low of $90.65 and a 12 month high of $156.35. The firm's fifty day moving average price is $144.53 and its two-hundred day moving average price is $138.22. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

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 company had revenue of $6.01 billion during 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 firm's revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter last year, the company earned $2.42 EPS. On average, equities analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently announced 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 2.24%. The ex-dividend date was Friday, February 14th. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is 38.68%.

Insider Buying and Selling

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction that occurred on 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 owns 5,024 shares of the company's stock, valued at $750,736.32. This represents a 55.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the sale, the chief accounting officer now owns 4,417 shares in the company, valued at approximately $662,329.15. This trade represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 in the last ninety days. 0.48% 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.