Kennondale Capital Management LLC Acquires Shares of 19,718 3M (NYSE:MMM)

Kennondale Capital Management LLC bought a new position in shares of 3M (NYSE:MMM - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 19,718 shares of the conglomerate's stock, valued at approximately $2,751,000. 3M accounts for about 2.2% of Kennondale Capital Management LLC's portfolio, making the stock its 6th largest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of MMM. Assetmark Inc. grew its stake in 3M by 51.0% in the 3rd quarter. Assetmark Inc. now owns 651 shares of the conglomerate's stock worth $89,000 after buying an additional 220 shares in the last quarter. Natixis Advisors LLC grew its stake in 3M by 44.8% in the 3rd quarter. Natixis Advisors LLC now owns 154,449 shares of the conglomerate's stock worth $21,113,000 after buying an additional 47,817 shares in the last quarter. Tower Bridge Advisors purchased a new position in 3M in the 3rd quarter worth approximately $422,000. Thrivent Financial for Lutherans grew its stake in 3M by 5.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 64,013 shares of the conglomerate's stock worth $8,751,000 after buying an additional 3,404 shares in the last quarter. Finally, TrinityPoint Wealth LLC grew its stake in 3M by 2.1% in the 3rd quarter. TrinityPoint Wealth LLC now owns 15,074 shares of the conglomerate's stock worth $2,061,000 after buying an additional 317 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

3M Stock Performance

NYSE MMM traded down $0.92 during trading hours on Friday, reaching $150.35. The stock had a trading volume of 5,538,508 shares, compared to its average volume of 4,036,029. The stock has a fifty day moving average of $148.35 and a 200 day moving average of $137.47. The stock has a market cap of $81.63 billion, a P/E ratio of 19.91, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. 3M has a 52-week low of $85.62 and a 52-week 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.

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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 the consensus estimate 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 for the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the prior year, the firm posted $2.42 EPS. The business's quarterly revenue was down 25.0% compared to the same quarter last year. Sell-side analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The firm also recently disclosed 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 dividend yield of 1.94%. This is an increase from 3M's previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M's dividend payout ratio (DPR) is presently 38.68%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MMM. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Barclays upped their price objective on shares of 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, January 22nd. Royal Bank of Canada restated an "underperform" rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. JPMorgan Chase & Co. increased their price target on shares of 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 22nd. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Friday, March 7th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $149.13.

Insider Buying and Selling at 3M

In related news, 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 directly owns 194 shares of the company's stock, valued at $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the company's stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 4,417 shares of the company's stock, 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 a total of 113,639 shares of company stock valued at $17,163,446 in the last three months. 0.34% of the stock is owned by corporate insiders.

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.