Great Lakes Advisors LLC Has $4.16 Million Stake in 3M (NYSE:MMM)

Great Lakes Advisors LLC reduced its position in shares of 3M (NYSE:MMM - Free Report) by 61.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 32,206 shares of the conglomerate's stock after selling 51,219 shares during the period. Great Lakes Advisors LLC's holdings in 3M were worth $4,157,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MMM. FMR LLC raised its stake in 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares during the last quarter. Amundi raised its stake in 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock valued at $337,815,000 after purchasing an additional 898,244 shares during the last quarter. Raymond James Financial Inc. acquired a new position in 3M during the 4th quarter valued at $103,788,000. Jennison Associates LLC acquired a new position in 3M during the 3rd quarter valued at $82,208,000. Finally, Parsifal Capital Management LP raised its stake in 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 purchasing an additional 526,194 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on MMM shares. Bank of America increased their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Royal Bank of Canada restated an "underperform" rating and set a $96.00 target price on shares of 3M in a report on Thursday, February 27th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Friday, March 7th. Finally, Citigroup lifted their price objective on shares of 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, 3M presently has a consensus rating of "Moderate Buy" and an average target price of $149.13.

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Insider Transactions at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction on 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 sale, the executive vice president now owns 194 shares of the company's stock, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Michael F. Roman sold 49,598 shares of 3M stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the sale, the chairman now directly owns 180,895 shares of the company's stock, valued at $27,550,308.50. This represents a 21.52 % 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.

3M Stock Performance

MMM stock traded up $2.28 during midday trading on Wednesday, reaching $153.20. 2,343,975 shares of the company were exchanged, compared to its average volume of 4,249,631. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The business has a 50-day moving average price of $147.25 and a two-hundred day moving average price of $137.15. 3M has a one year low of $85.33 and a one year high of $156.35. The firm has a market capitalization of $83.17 billion, a price-to-earnings ratio of 20.29, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share 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 during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter last year, the firm earned $2.42 earnings per share. The company's revenue was down 25.0% on a year-over-year basis. Equities research analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.91%. This is an increase 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.