3M (NYSE:MMM) Shares Sold by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD lowered its holdings in 3M (NYSE:MMM - Free Report) by 0.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,727,326 shares of the conglomerate's stock after selling 5,841 shares during the quarter. Price T Rowe Associates Inc. MD owned 0.32% of 3M worth $222,981,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in MMM. Financial Life Planners purchased a new stake in shares of 3M in the fourth quarter valued at about $25,000. Proficio Capital Partners LLC purchased a new stake in shares of 3M in the fourth quarter valued at about $26,000. Hazlett Burt & Watson Inc. purchased a new stake in shares of 3M in the fourth quarter valued at about $27,000. Daymark Wealth Partners LLC lifted its holdings in shares of 3M by 9.0% in the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock valued at $31,000 after purchasing an additional 19,552 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its holdings in shares of 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock valued at $40,000 after purchasing an additional 214 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MMM. Wells Fargo & Company raised 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 report on Wednesday, January 22nd. Barclays upped their price target on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday, April 23rd. Citigroup reduced their price target on shares of 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. JPMorgan Chase & Co. reduced their price objective on shares of 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Thursday. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $147.00.

Insider Transactions at 3M

In other news, Chairman Michael F. Roman sold 49,598 shares of the stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the completion of the sale, the chairman now owns 180,895 shares of the company's stock, valued at $27,550,308.50. This represents a 21.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares of the company's stock, valued at $29,918.68. The trade was a 90.02 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

3M Trading Up 0.4 %

NYSE:MMM traded up $0.56 during trading hours on Monday, reaching $137.88. 2,499,850 shares of the company were exchanged, compared to its average volume of 4,169,132. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The firm has a market cap of $74.20 billion, a price-to-earnings ratio of 18.26, a PEG ratio of 3.30 and a beta of 1.01. 3M has a 52-week low of $91.56 and a 52-week high of $156.35. The stock has a 50 day simple moving average of $142.90 and a 200 day simple moving average of $138.29.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. As a group, analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a $0.73 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.12%. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio is presently 36.87%.

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.