Global Retirement Partners LLC Increases Stock Position in 3M (NYSE:MMM)

Global Retirement Partners LLC boosted its stake in shares of 3M (NYSE:MMM - Free Report) by 18.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,149 shares of the conglomerate's stock after purchasing an additional 2,395 shares during the quarter. Global Retirement Partners LLC's holdings in 3M were worth $1,956,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. FMR LLC grew its position in 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares during the period. International Assets Investment Management LLC increased its stake in shares of 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate's stock valued at $172,416,000 after buying an additional 1,250,491 shares during the period. Jennison Associates LLC bought a new stake in 3M during the 3rd quarter worth about $82,208,000. Parsifal Capital Management LP raised its position in shares of 3M by 179.0% during the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate's stock valued at $112,107,000 after acquiring an additional 526,194 shares during the last quarter. Finally, Bank of Montreal Can lifted its stake in 3M by 39.1% in the third quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate's stock valued at $151,002,000 after buying an additional 308,912 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Trading Down 2.8 %

NYSE MMM traded down $4.21 during trading on Friday, hitting $144.87. The company had a trading volume of 4,278,493 shares, compared to its average volume of 3,924,529. The company has a market cap of $78.65 billion, a price-to-earnings ratio of 19.19, a price-to-earnings-growth ratio of 3.32 and a beta of 0.96. 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 company's fifty day moving average is $140.32 and its 200-day moving average is $134.41. 3M has a one year low of $75.40 and a one year high of $155.00.

3M (NYSE:MMM - Get Free Report) last posted 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 company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm's revenue was down 25.0% compared to the same quarter last year. During the same quarter last year, the firm posted $2.42 earnings per share. On average, sell-side analysts predict 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 will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.73 per share. The ex-dividend date is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 2.02%. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio is currently 38.68%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MMM. Bank of America upped their target price on shares of 3M from $160.00 to $175.00 and gave the stock a "buy" rating in a research note on Wednesday, January 22nd. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Weiss Ratings reiterated a "hold (c)" rating on shares of 3M in a research note on Wednesday. UBS Group raised shares of 3M from a "neutral" rating to a "buy" rating and raised their target price for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Finally, JPMorgan Chase & Co. increased their price target on shares of 3M from $162.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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 on Friday, January 24th. The shares were 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 owns 4,417 shares of the company's stock, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the firm's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the transaction, the executive vice president now directly owns 194 shares in the company, 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. Insiders have sold a total of 113,639 shares of company stock valued at $17,163,446 in the last 90 days. Insiders own 0.34% of the company's stock.

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.