3M (NYSE:MMM) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC raised its position in 3M (NYSE:MMM - Free Report) by 2.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,574,414 shares of the conglomerate's stock after acquiring an additional 280,048 shares during the period. Geode Capital Management LLC owned approximately 2.13% of 3M worth $1,493,655,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Wayfinding Financial LLC purchased a new position in shares of 3M in the 4th quarter valued at approximately $851,000. Franklin Resources Inc. increased its stake in 3M by 26.8% during the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate's stock valued at $114,770,000 after purchasing an additional 178,450 shares in the last quarter. Meyer Handelman Co. raised 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 buying an additional 2,678 shares during the last quarter. USA Financial Formulas acquired a new stake in shares of 3M during the fourth quarter worth $816,000. Finally, Braun Stacey Associates Inc. grew its holdings in shares of 3M by 18.4% during the fourth quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate's stock valued at $18,408,000 after buying an additional 22,203 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Kevin H. Rhodes sold 6,743 shares of 3M stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $149.85, for a total value of $1,010,438.55. Following the sale, the executive vice president now directly owns 4,902 shares of the company's stock, valued at $734,564.70. The trade was a 57.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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 value of $944,098.74. Following the sale, the insider now owns 5,024 shares of the company's stock, 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 quarter, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by corporate insiders.

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Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MMM. Royal Bank of Canada restated an "underperform" rating and issued a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Bank of America raised their price objective on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Citigroup upped their target price on 3M from $142.00 to $152.00 and gave the company a "neutral" rating 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. Finally, JPMorgan Chase & Co. upped their price objective on shares of 3M from $162.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $149.13.

3M Price Performance

Shares of 3M stock traded down $8.00 during trading hours on Thursday, reaching $139.76. The stock had a trading volume of 6,710,493 shares, compared to its average volume of 4,089,984. 3M has a twelve month low of $89.54 and a twelve month high of $156.35. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The firm has a market capitalization of $75.38 billion, a PE ratio of 18.51, a PEG ratio of 3.30 and a beta of 0.97. The stock's 50 day moving average is $149.71 and its 200 day moving average is $138.56.

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. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the prior year, the business posted $2.42 earnings per share. 3M's revenue for the quarter was down 25.0% on a year-over-year basis. Equities analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were paid a $0.73 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 2.09%. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio (DPR) is currently 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.