Pacer Advisors Inc. lowered its holdings in 3M (NYSE:MMM - Free Report) by 88.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 44,406 shares of the conglomerate's stock after selling 338,867 shares during the quarter. Pacer Advisors Inc.'s holdings in 3M were worth $5,732,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. KBC Group NV lifted its stake in shares of 3M by 109.9% in the 4th quarter. KBC Group NV now owns 349,330 shares of the conglomerate's stock valued at $45,095,000 after purchasing an additional 182,930 shares during the period. Apexium Financial LP bought a new position in 3M during the 4th quarter valued at approximately $231,000. Blue Trust Inc. increased its position in 3M by 2.5% during the 4th quarter. Blue Trust Inc. now owns 33,320 shares of the conglomerate's stock valued at $4,555,000 after buying an additional 797 shares in the last quarter. PFG Investments LLC increased its holdings in shares of 3M by 2.8% in the 4th quarter. PFG Investments LLC now owns 15,248 shares of the conglomerate's stock worth $1,968,000 after purchasing an additional 422 shares in the last quarter. Finally, Stonehage Fleming Financial Services Holdings Ltd increased its holdings in shares of 3M by 3,347.8% in the 4th quarter. Stonehage Fleming Financial Services Holdings Ltd now owns 3,965 shares of the conglomerate's stock worth $512,000 after purchasing an additional 3,850 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.
Insider Activity at 3M
In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of the company's stock in a transaction on Friday, January 24th. The stock was 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 in the company, valued at $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now owns 5,024 shares of the company's stock, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 111,889 shares of company stock worth $16,893,561. Company insiders own 0.34% of the company's stock.
3M Trading Down 1.4 %
NYSE MMM traded down $2.14 during trading hours on Friday, hitting $152.26. 4,164,049 shares of the company were exchanged, compared to its average volume of 4,254,869. The stock has a 50-day moving average price of $135.21 and a 200 day moving average price of $131.08. 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 has a 52 week low of $75.40 and a 52 week high of $155.00. The stock has a market cap of $82.92 billion, a PE ratio of 20.17, a price-to-earnings-growth ratio of 3.35 and a beta of 0.95.
3M (NYSE:MMM - Get Free Report) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating analysts' consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to analysts' expectations of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company's quarterly revenue was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.42 earnings per share. Analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.
3M Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.84%. 3M's payout ratio is 37.09%.
Analyst Ratings Changes
MMM has been the subject of a number of research analyst reports. Wells Fargo & Company raised 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. Mizuho lifted their price objective on 3M from $105.00 to $146.00 and gave the stock a "neutral" rating in a report on Thursday, October 17th. Citigroup lifted their target price on 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. lifted their target price on 3M from $162.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, January 22nd. Finally, UBS Group upgraded 3M from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $148.87.
View Our Latest Analysis on 3M
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.
Further Reading
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