Guggenheim Capital LLC Reduces Holdings in 3M (NYSE:MMM)

Guggenheim Capital LLC lessened its stake in 3M (NYSE:MMM - Free Report) by 30.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 79,551 shares of the conglomerate's stock after selling 34,165 shares during the period. Guggenheim Capital LLC's holdings in 3M were worth $10,269,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of MMM. Norges Bank purchased a new position in 3M during the 4th quarter valued at about $636,767,000. Invesco Ltd. lifted its holdings in 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after buying an additional 1,520,619 shares in the last quarter. Amundi boosted its position in 3M by 55.7% in the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock valued at $337,815,000 after buying an additional 898,244 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of 3M by 321.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,097,747 shares of the conglomerate's stock worth $141,708,000 after acquiring an additional 837,226 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of 3M during the fourth quarter worth $103,788,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Tuesday, April 8th. Barclays decreased their price target on shares of 3M from $165.00 to $160.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. JPMorgan Chase & Co. dropped their price objective on shares of 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada restated an "underperform" rating and issued a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $146.47.

3M Price Performance

3M stock traded down $0.30 during trading hours on Friday, hitting $130.16. The stock had a trading volume of 4,951,917 shares, compared to its average volume of 4,153,305. The stock has a market capitalization of $70.20 billion, a price-to-earnings ratio of 17.24, a PEG ratio of 3.30 and a beta of 1.01. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. 3M has a 1-year low of $90.65 and a 1-year high of $156.35. The stock's fifty day moving average is $144.53 and its two-hundred day moving average is $138.23.

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 net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion during the quarter, compared to analysts' expectations of $5.77 billion. During the same quarter in the previous year, the business posted $2.42 earnings per share. The firm's quarterly revenue was down 25.0% compared to the same quarter last year. As a group, analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 2.24%. This is a positive change from 3M's previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M's dividend payout ratio is 38.68%.

Insider Transactions at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm's stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now directly owns 5,024 shares of the company's stock, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction that occurred 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 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 position. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 over the last ninety days. 0.48% of the stock is currently owned by corporate insiders.

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.