Mitsubishi UFJ Trust & Banking Corp Reduces Stake in 3M (NYSE:MMM)

Mitsubishi UFJ Trust & Banking Corp trimmed its position in 3M (NYSE:MMM - Free Report) by 3.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 277,070 shares of the conglomerate's stock after selling 11,354 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned about 0.05% of 3M worth $35,767,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Wayfinding Financial LLC bought a new stake in 3M in the 4th quarter valued at $851,000. Franklin Resources Inc. raised its position in shares of 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 buying an additional 178,450 shares during the last quarter. Meyer Handelman Co. lifted its stake in shares of 3M by 1.4% in the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate's stock valued at $25,511,000 after buying an additional 2,678 shares during the period. FMR LLC grew its position in 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock worth $1,225,087,000 after buying an additional 4,212,409 shares in the last quarter. Finally, USA Financial Formulas bought a new position in 3M during the fourth quarter valued at about $816,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at 3M

In other news, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction dated Friday, January 24th. The stock was 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 approximately $662,329.15. This trade represents a 34.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 value of $269,885.00. Following the sale, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock worth $17,163,446 over the last ninety days. 0.34% of the stock is owned by insiders.

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3M Stock Down 2.5 %

Shares of NYSE MMM traded down $3.70 during trading hours on Friday, hitting $144.74. The company had a trading volume of 2,581,499 shares, compared to its average volume of 4,133,279. The stock has a market capitalization of $78.58 billion, a P/E ratio of 19.17, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. 3M has a 1-year low of $88.23 and a 1-year high of $156.35. The firm's 50 day moving average is $149.60 and its 200-day moving average is $138.23. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share 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 company had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same period in the previous year, the business earned $2.42 EPS. 3M's revenue for the quarter was down 25.0% compared to the same quarter last year. On average, analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. This is a boost from 3M's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.02%. 3M's dividend payout ratio is presently 38.68%.

Analyst Ratings Changes

Several analysts have weighed in on MMM shares. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Citigroup lifted their price objective on 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research report on Wednesday, January 22nd. Barclays raised their target price on 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. upped their price target on shares of 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 22nd. Finally, Bank of America lifted their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. 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 currently has an average rating of "Moderate Buy" and a consensus target price of $149.13.

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.