3M (NYSE:MMM) Holdings Trimmed by ExodusPoint Capital Management LP

ExodusPoint Capital Management LP lessened its holdings in 3M (NYSE:MMM - Free Report) by 72.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 41,628 shares of the conglomerate's stock after selling 106,780 shares during the period. ExodusPoint Capital Management LP's holdings in 3M were worth $5,374,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Geode Capital Management LLC grew its position in 3M by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock valued at $1,493,655,000 after acquiring an additional 280,048 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in 3M by 9.2% during the 4th 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 3M during the 4th quarter worth $636,767,000. Charles Schwab Investment Management Inc. lifted its holdings in 3M by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,577,045 shares of the conglomerate's stock worth $461,761,000 after buying an additional 17,228 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its position in 3M by 26.6% in the 4th quarter. Alliancebernstein L.P. now owns 2,540,883 shares of the conglomerate's stock valued at $328,003,000 after buying an additional 533,753 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

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Analysts Set New Price Targets

Several research analysts recently commented on MMM shares. JPMorgan Chase & Co. cut their price target on 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research note on Tuesday. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Barclays raised their price target on shares of 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 22nd. Citigroup increased their price objective on shares of 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada reissued an "underperform" rating and issued a $96.00 target price 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 given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $147.47.

Insider Transactions at 3M

In other news, Chairman Michael F. Roman sold 49,598 shares of 3M stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the transaction, the chairman now owns 180,895 shares of the company's stock, valued at $27,550,308.50. The trade was a 21.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business'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 completion of the sale, the insider now owns 5,024 shares in the company, valued at $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 113,639 shares of company stock valued at $17,163,446. Company insiders own 0.34% of the company's stock.

3M Stock Performance

3M stock traded up $11.24 during midday trading on Wednesday, reaching $138.40. 6,425,790 shares of the stock traded hands, compared to its average volume of 4,127,503. The firm has a fifty day moving average price of $147.03 and a two-hundred day moving average price of $138.43. 3M has a fifty-two week low of $90.17 and a fifty-two week high of $156.35. The firm has a market cap of $74.64 billion, a price-to-earnings ratio of 18.33, a PEG ratio of 3.30 and a beta of 1.01. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

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, topping 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 return on equity of 100.77% and a net margin of 15.71%. The business's revenue for the quarter was down 25.0% compared to the same quarter last year. During the same period in the prior year, the company posted $2.42 EPS. On average, equities research analysts forecast 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 dividend of $0.73 per share. 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 2.11%. 3M's dividend payout ratio (DPR) is presently 38.68%.

3M Company 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.