Invesco Ltd. grew its holdings in 3M (NYSE:MMM - Free Report) by 51.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,468,549 shares of the conglomerate's stock after buying an additional 1,520,619 shares during the period. Invesco Ltd. owned 0.82% of 3M worth $576,845,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of MMM. Polymer Capital Management US LLC acquired a new position in 3M during the fourth quarter worth $2,840,000. Cerity Partners LLC boosted its position in shares of 3M by 5.4% during the 4th quarter. Cerity Partners LLC now owns 642,728 shares of the conglomerate's stock valued at $85,513,000 after acquiring an additional 32,718 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of 3M by 12.6% during the 4th quarter. Russell Investments Group Ltd. now owns 228,997 shares of the conglomerate's stock valued at $29,563,000 after acquiring an additional 25,552 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of 3M by 8.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 513,800 shares of the conglomerate's stock valued at $66,326,000 after purchasing an additional 39,346 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC increased its position in 3M by 107.3% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 236,551 shares of the conglomerate's stock worth $30,536,000 after purchasing an additional 122,434 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
MMM has been the subject of several analyst reports. Royal Bank of Canada reissued an "underperform" rating and issued a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Citigroup increased their price objective on 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 22nd. Bank of America lifted their target price on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Tuesday, April 8th. Finally, Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $147.13.
View Our Latest Stock Analysis on MMM
Insider Activity at 3M
In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now owns 5,024 shares in the company, 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Victoria Clarke sold 1,750 shares of the company's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,639 shares of company stock worth $17,163,446. Company insiders own 0.34% of the company's stock.
3M Trading Up 2.3 %
Shares of MMM traded up $3.00 during mid-day trading on Friday, hitting $135.97. The company had a trading volume of 3,337,605 shares, compared to its average volume of 4,136,075. 3M has a 1-year low of $90.17 and a 1-year high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The business's 50-day simple moving average is $146.37 and its 200-day simple moving average is $138.39. The stock has a market cap of $73.33 billion, a PE ratio of 18.01, a P/E/G ratio of 3.30 and a beta of 1.01.
3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 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 during the quarter, compared to the consensus estimate of $5.77 billion. During the same period in the prior year, the firm posted $2.42 EPS. The business's revenue for the quarter was down 25.0% on a year-over-year basis. Sell-side analysts forecast 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 was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date was Friday, February 14th. This is an increase from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio is 38.68%.
About 3M
(
Free Report)
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.
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