Korea Investment CORP Has $49.77 Million Stock Position in 3M (NYSE:MMM)

Korea Investment CORP trimmed its position in shares of 3M (NYSE:MMM - Free Report) by 14.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 385,509 shares of the conglomerate's stock after selling 66,206 shares during the period. Korea Investment CORP owned 0.07% of 3M worth $49,765,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Wayfinding Financial LLC purchased a new position in 3M during the fourth quarter valued at approximately $851,000. Franklin Resources Inc. boosted its position in 3M by 26.8% during the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate's stock valued at $114,770,000 after purchasing an additional 178,450 shares during the last quarter. Meyer Handelman Co. raised its stake in shares of 3M by 1.4% during the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate's stock worth $25,511,000 after purchasing an additional 2,678 shares in the last quarter. USA Financial Formulas acquired a new stake in shares of 3M during the 4th quarter valued at about $816,000. Finally, Braun Stacey Associates Inc. grew its stake in shares of 3M by 18.4% in the 4th quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate's stock valued at $18,408,000 after buying an additional 22,203 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction on Friday, January 31st. The shares were 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 of the company's stock, valued at $29,918.68. This trade 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 on Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the sale, the chief accounting officer now owns 4,417 shares of the company's stock, valued at approximately $662,329.15. This represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 113,639 shares of company stock worth $17,163,446. Insiders own 0.34% of the company's stock.

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Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MMM. 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. Barclays lifted their price target on shares of 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Citigroup raised their price objective on shares of 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 22nd. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Saturday, March 22nd. Two research 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's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $149.13.

3M Price Performance

3M stock traded up $2.19 on Monday, reaching $147.03. The company's stock had a trading volume of 4,508,589 shares, compared to its average volume of 4,134,775. The business's fifty day moving average price is $149.72 and its 200 day moving average price is $138.39. 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 company has a market cap of $79.82 billion, a price-to-earnings ratio of 19.47, a PEG ratio of 3.30 and a beta of 0.97. 3M has a twelve month low of $88.23 and a twelve month high of $156.35.

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

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.99%. 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.