3M (NYSE:MMM) Stake Boosted by Gladstone Institutional Advisory LLC

Gladstone Institutional Advisory LLC grew its holdings in 3M (NYSE:MMM - Free Report) by 74.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,020 shares of the conglomerate's stock after buying an additional 14,496 shares during the quarter. Gladstone Institutional Advisory LLC's holdings in 3M were worth $4,392,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. State Street Corp increased its stake in 3M by 1.1% in the 3rd quarter. State Street Corp now owns 27,194,612 shares of the conglomerate's stock valued at $3,717,503,000 after purchasing an additional 302,900 shares in the last quarter. FMR LLC increased its position in 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock worth $1,225,087,000 after buying an additional 4,212,409 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in 3M by 1.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate's stock worth $521,596,000 after buying an additional 43,942 shares in the last quarter. National Pension Service increased its position in 3M by 14.5% during the third quarter. National Pension Service now owns 1,268,003 shares of the conglomerate's stock worth $173,336,000 after buying an additional 161,036 shares in the last quarter. Finally, International Assets Investment Management LLC increased its position in 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate's stock worth $172,416,000 after buying an additional 1,250,491 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Down 0.0 %

Shares of MMM traded down $0.07 during midday trading on Friday, reaching $148.65. 2,388,343 shares of the company were exchanged, compared to its average volume of 4,440,606. The stock has a 50-day moving average price of $138.80 and a 200-day moving average price of $133.79. The company has a market cap of $80.70 billion, a price-to-earnings ratio of 19.69, a P/E/G ratio of 3.37 and a beta of 0.96. 3M has a 1-year low of $75.40 and a 1-year high of $155.00. 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 announced its 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 business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same period in the previous year, the company earned $2.42 earnings per share. The company's revenue for the quarter was down 25.0% compared to the same quarter last year. Research analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.96%. This is a positive change from 3M's previous quarterly dividend of $0.70. The ex-dividend date is Friday, February 14th. 3M's payout ratio is presently 37.09%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MMM shares. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Citigroup raised their price target on 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 22nd. Barclays raised their price target on 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 22nd. Melius Research raised 3M from a "hold" rating to a "buy" rating and set a $180.00 price target for the company in a research report on Tuesday, October 22nd. Finally, UBS Group upgraded 3M from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Two investment 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, 3M currently has a consensus rating of "Moderate Buy" and an average target price of $148.87.

Insider Transactions at 3M

In related 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 sale, the chief accounting officer now directly owns 4,417 shares of the company's stock, valued at $662,329.15. The trade was a 34.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Victoria Clarke sold 1,750 shares of the business's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares of the company's stock, valued at approximately $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by insiders.

3M 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.