Nuance Investments LLC reduced its position in 3M (NYSE:MMM - Free Report) by 33.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 585,957 shares of the conglomerate's stock after selling 292,731 shares during the period. 3M comprises 3.1% of Nuance Investments LLC's holdings, making the stock its 11th largest position. Nuance Investments LLC owned about 0.11% of 3M worth $75,641,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp boosted its stake in shares of 3M by 1.1% during the 3rd quarter. State Street Corp now owns 27,194,612 shares of the conglomerate's stock worth $3,717,503,000 after acquiring an additional 302,900 shares during the period. FMR LLC boosted 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 purchasing an additional 4,212,409 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of 3M by 9.2% in the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock valued at $734,456,000 after purchasing an additional 479,621 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of 3M by 1.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate's stock valued at $521,596,000 after purchasing an additional 43,942 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of 3M by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,577,045 shares of the conglomerate's stock worth $461,761,000 after buying an additional 17,228 shares during the last quarter. Institutional investors own 65.25% of the company's stock.
3M Trading Down 2.5 %
Shares of 3M stock traded down $3.70 on Friday, hitting $144.74. The stock had a trading volume of 2,581,499 shares, compared to its average volume of 4,133,279. The stock has a 50 day moving average of $149.60 and a 200 day moving average of $138.23. The firm has a market capitalization of $78.58 billion, a P/E ratio of 19.17, 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. 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 (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $6.01 billion during the quarter, compared to analysts' expectations of $5.77 billion. During the same period in the prior year, the company posted $2.42 EPS. The company's revenue was down 25.0% on a year-over-year basis. Sell-side 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 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%.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on MMM shares. Citigroup increased their price target on shares of 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a report on Wednesday, January 22nd. Royal Bank of Canada reiterated an "underperform" rating and set a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Bank of America boosted their price target on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Barclays increased their price objective on 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 22nd. Finally, Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $149.13.
Read Our Latest Research Report on MMM
Insider Buying and Selling
In other 3M 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 transaction of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The sale 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 business'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 completion of the transaction, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock valued at $17,163,446 over the last ninety days. 0.34% of the stock is owned by company insiders.
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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