Polymer Capital Management US LLC Buys Shares of 22,000 3M (NYSE:MMM)

Polymer Capital Management US LLC acquired a new stake in 3M (NYSE:MMM - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 22,000 shares of the conglomerate's stock, valued at approximately $2,840,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Financial Life Planners purchased a new stake in shares of 3M during the 4th quarter valued at about $25,000. Hazlett Burt & Watson Inc. bought a new position in 3M in the fourth quarter worth approximately $27,000. Meeder Asset Management Inc. grew its position in shares of 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock valued at $40,000 after acquiring an additional 214 shares during the period. ORG Partners LLC increased its stake in shares of 3M by 44.1% in the 4th 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 3M by 81.5% during the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate's stock valued at $47,000 after purchasing an additional 163 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on MMM shares. Barclays cut their price objective on 3M from $165.00 to $160.00 and set an "overweight" rating for the company in a research note on Thursday. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Tuesday. Royal Bank of Canada reissued an "underperform" rating and issued a $96.00 target price on shares of 3M in a report on Thursday, February 27th. Wells Fargo & Company upgraded 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. Finally, JPMorgan Chase & Co. decreased their target price on 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a research report on Tuesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $147.13.

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3M Price Performance

NYSE:MMM traded down $5.44 during trading hours on Thursday, reaching $132.88. 2,387,024 shares of the company were exchanged, compared to its average volume of 4,121,017. The stock's 50-day moving average is $147.03 and its 200-day moving average is $138.43. 3M has a twelve month low of $90.17 and a twelve month high of $156.35. The firm has a market cap of $71.66 billion, a PE ratio of 17.54, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data 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 return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion for the quarter, compared to analysts' expectations of $5.77 billion. During the same period in the previous year, the firm posted $2.42 EPS. 3M's revenue was down 25.0% compared to the same quarter last year. On average, sell-side analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is currently 38.68%.

Insider Activity at 3M

In other 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 value of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Victoria Clarke sold 1,750 shares of the company's stock in a transaction that occurred on 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 of the company's stock, valued at $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock worth $17,163,446 in the last three months. 0.34% of the stock is owned by company insiders.

3M 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.