Chevy Chase Trust Holdings LLC lessened its stake in 3M (NYSE:MMM - Free Report) by 3.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 295,677 shares of the conglomerate's stock after selling 10,590 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.05% of 3M worth $38,169,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. D.A. Davidson & CO. lifted its stake in 3M by 16.2% in the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate's stock worth $20,004,000 after purchasing an additional 20,421 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of 3M by 26.8% in the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate's stock worth $114,770,000 after purchasing an additional 178,450 shares during the last quarter. Meyer Handelman Co. increased its holdings in shares of 3M by 1.4% in the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate's stock worth $25,511,000 after purchasing an additional 2,678 shares during the last quarter. Ballentine Partners LLC boosted its stake in 3M by 40.1% during the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate's stock valued at $2,490,000 after buying an additional 5,210 shares during the last quarter. Finally, Stonegate Investment Group LLC boosted its stake in 3M by 5.6% during the third quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate's stock valued at $34,564,000 after buying an additional 13,473 shares during the last quarter. Institutional investors own 65.25% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have recently issued reports on the company. Royal Bank of Canada reaffirmed an "underperform" rating and set a $96.00 price objective on shares of 3M in a report on Wednesday, January 22nd. Melius Research raised shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 price target on the stock in a research note on Tuesday, October 22nd. UBS Group raised shares of 3M from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Melius upgraded shares of 3M from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. Finally, Barclays increased their price target on shares of 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, January 22nd. Two 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. According to MarketBeat.com, 3M currently has a consensus rating of "Moderate Buy" and a consensus price target of $148.87.
Check Out Our Latest Stock Report on MMM
3M Trading Up 0.2 %
Shares of NYSE:MMM traded up $0.23 during trading on Tuesday, reaching $148.85. 2,544,042 shares of the company were exchanged, compared to its average volume of 3,955,163. 3M has a 12-month low of $75.40 and a 12-month high of $155.00. The firm has a market capitalization of $80.81 billion, a PE ratio of 19.71, a P/E/G ratio of 3.37 and a beta of 0.96. The business's fifty day simple moving average is $139.15 and its 200-day simple moving average is $134.03. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.
3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same period last year, the company posted $2.42 earnings per share. 3M's revenue was down 25.0% compared to the same quarter last year. On average, research analysts anticipate that 3M will post 7.8 EPS for the current year.
3M Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio is currently 37.09%.
Insiders Place Their Bets
In other news, CAO Theresa E. Reinseth sold 2,309 shares of the business's stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the transaction, the chief accounting officer now owns 4,417 shares of the company's stock, valued at $662,329.15. The trade was a 34.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm's stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the sale, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. The trade was a 55.70 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by corporate insiders.
About 3M
(
Free Report)
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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