Renaissance Technologies LLC Sells 780,557 Shares of 3M (NYSE:MMM)

Renaissance Technologies LLC trimmed its stake in 3M (NYSE:MMM - Free Report) by 70.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 332,124 shares of the conglomerate's stock after selling 780,557 shares during the period. Renaissance Technologies LLC owned 0.06% of 3M worth $42,874,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Wayfinding Financial LLC bought a new stake in shares of 3M during the 4th quarter valued at $851,000. Franklin Resources Inc. grew its stake in shares of 3M by 26.8% in the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate's stock worth $114,770,000 after buying an additional 178,450 shares during the last quarter. Meyer Handelman Co. increased its position in 3M by 1.4% during the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate's stock valued at $25,511,000 after buying an additional 2,678 shares in the last quarter. USA Financial Formulas purchased a new position in 3M during the fourth quarter valued at $816,000. Finally, Braun Stacey Associates Inc. boosted its holdings in 3M by 18.4% in the fourth quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate's stock worth $18,408,000 after acquiring an additional 22,203 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

3M Price Performance

NYSE MMM traded up $0.94 during trading on Tuesday, hitting $136.95. 775,423 shares of the stock traded hands, compared to its average volume of 4,121,667. The company has a market capitalization of $73.86 billion, a P/E ratio of 18.13, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. 3M has a 12-month low of $90.17 and a 12-month high of $156.35. The firm has a 50-day simple moving average of $146.04 and a 200-day simple moving average of $138.38. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

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3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 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 business had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same quarter last year, the business earned $2.42 earnings per share. 3M's quarterly revenue was down 25.0% compared to the same quarter last year. As a group, analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.13%. This is a positive change from 3M's previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M's dividend payout ratio (DPR) is presently 38.68%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MMM shares. Citigroup lowered their price target on 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research report on Monday. Bank of America raised their price target on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Tuesday, April 8th. JPMorgan Chase & Co. decreased their price target on 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Finally, Barclays dropped their price objective on 3M from $165.00 to $160.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $146.47.

Insider Transactions at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business's stock in a transaction that occurred on 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 transaction, the insider now owns 5,024 shares in the company, valued at $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 value of $269,885.00. Following the completion of the sale, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their position. The disclosure for this sale can be found here. In 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.