3M (NYSE:MMM) Shares Sold by Ilmarinen Mutual Pension Insurance Co

Ilmarinen Mutual Pension Insurance Co lessened its holdings in 3M (NYSE:MMM - Free Report) by 94.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,309 shares of the conglomerate's stock after selling 95,000 shares during the quarter. Ilmarinen Mutual Pension Insurance Co's holdings in 3M were worth $685,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Financial Life Planners acquired a new stake in 3M during the 4th quarter worth about $25,000. Proficio Capital Partners LLC acquired a new stake in shares of 3M during the fourth quarter worth about $26,000. Hazlett Burt & Watson Inc. purchased a new stake in 3M in the fourth quarter valued at approximately $27,000. Daymark Wealth Partners LLC increased its holdings in 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock worth $31,000 after buying an additional 19,552 shares during the period. Finally, Meeder Asset Management Inc. raised its position in 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after buying an additional 214 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Insider Transactions at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the company's stock in a transaction dated Friday, January 31st. The shares were 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 represents a 90.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm's stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the transaction, the chief accounting officer now directly owns 4,417 shares in the company, valued at $662,329.15. This trade represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 over the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

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Wall Street Analyst Weigh In

Several research firms have recently commented on MMM. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Saturday, March 22nd. JPMorgan Chase & Co. upped their price target on shares of 3M from $162.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, January 22nd. Barclays lifted their price objective on 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, January 22nd. Bank of America upped their target price on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Finally, Citigroup raised their target price on 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a report on Wednesday, January 22nd. Two 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 data from MarketBeat, 3M currently has an average rating of "Moderate Buy" and an average target price of $149.13.

3M Price Performance

Shares of MMM stock traded down $13.12 on Friday, reaching $126.62. 9,608,022 shares of the company were exchanged, compared to its average volume of 4,099,389. 3M has a 1 year low of $90.17 and a 1 year high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The business has a 50-day moving average price of $149.05 and a 200 day moving average price of $138.58. The company has a market cap of $68.29 billion, a price-to-earnings ratio of 16.77, a P/E/G ratio of 3.30 and a beta of 1.01.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M's quarterly revenue was down 25.0% on a year-over-year basis. During the same period in the previous year, the business earned $2.42 EPS. Equities research analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 2.31%. The ex-dividend date was Friday, February 14th. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is 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.