NEOS Investment Management LLC Acquires 7,463 Shares of 3M (NYSE:MMM)

NEOS Investment Management LLC increased its holdings in shares of 3M (NYSE:MMM - Free Report) by 30.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 31,618 shares of the conglomerate's stock after purchasing an additional 7,463 shares during the quarter. NEOS Investment Management LLC's holdings in 3M were worth $4,082,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Financial Life Planners acquired a new position in shares of 3M during the fourth quarter worth about $25,000. FSA Wealth Management LLC acquired a new position in 3M during the 3rd quarter worth approximately $27,000. True Wealth Design LLC grew its position in 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate's stock valued at $42,000 after acquiring an additional 296 shares in the last quarter. ORG Partners LLC lifted its position in shares of 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock worth $41,000 after purchasing an additional 98 shares in the last quarter. Finally, Catalyst Capital Advisors LLC lifted its position in shares of 3M by 81.5% during the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate's stock worth $47,000 after purchasing an additional 163 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Barclays lifted their price objective on 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 reaffirmed an "underperform" rating and issued a $96.00 price target on shares of 3M in a report on Thursday, February 27th. JPMorgan Chase & Co. raised their price objective on shares of 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, January 22nd. Bank of America boosted their target price on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Saturday, March 22nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $149.13.

Remove Ads

3M Stock Up 1.5 %

Shares of NYSE MMM opened at $147.03 on Tuesday. The stock has a market cap of $79.82 billion, a PE ratio of 19.47, a PEG ratio of 3.30 and a beta of 0.97. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a 52-week low of $88.23 and a 52-week high of $156.35. The business has a fifty day moving average of $149.72 and a two-hundred day moving average of $138.39.

3M (NYSE:MMM - Get Free Report) last posted 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. The firm had revenue of $6.01 billion during the quarter, compared to analysts' expectations of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. 3M's revenue was down 25.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.42 EPS. As a group, equities research 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. The ex-dividend date was Friday, February 14th. This is a boost from 3M's previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.99%. 3M's dividend payout ratio is 38.68%.

Insider Activity at 3M

In other 3M news, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction dated Friday, January 31st. The stock was 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 of the company's stock, valued at $29,918.68. This trade represents a 90.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the company's 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 transaction, the chief accounting officer now directly owns 4,417 shares of the company's stock, valued at $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is currently owned by company insiders.

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.