Russell Investments Group Ltd. Has $29.56 Million Position in 3M (NYSE:MMM)

Russell Investments Group Ltd. raised its holdings in shares of 3M (NYSE:MMM - Free Report) by 12.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 228,997 shares of the conglomerate's stock after buying an additional 25,552 shares during the period. Russell Investments Group Ltd.'s holdings in 3M were worth $29,563,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its holdings in 3M by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock worth $1,493,655,000 after buying an additional 280,048 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of 3M by 9.2% during 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 acquiring an additional 479,621 shares during the period. Norges Bank purchased a new stake in shares of 3M in the 4th quarter valued at approximately $636,767,000. Charles Schwab Investment Management Inc. boosted its stake in 3M by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,577,045 shares of the conglomerate's stock worth $461,761,000 after purchasing an additional 17,228 shares during the period. Finally, Alliancebernstein L.P. grew its position in 3M by 26.6% during the 4th quarter. Alliancebernstein L.P. now owns 2,540,883 shares of the conglomerate's stock worth $328,003,000 after purchasing an additional 533,753 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

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Insider Buying and Selling

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M 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 sale, the insider now directly owns 5,024 shares of the company's stock, valued at $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 approximately $29,918.68. This trade represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by company insiders.

3M Stock Performance

Shares of NYSE MMM traded up $3.00 during trading hours on Friday, hitting $135.97. 3,337,605 shares of the stock were exchanged, compared to its average volume of 4,136,075. 3M has a one year low of $90.17 and a one year high of $156.35. The company's 50 day moving average is $146.37 and its 200 day moving average is $138.39. 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 capitalization of $73.33 billion, a P/E ratio of 18.01, a P/E/G ratio of 3.30 and a beta of 1.01.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to analysts' expectations of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business's quarterly revenue was down 25.0% compared to the same quarter last year. During the same period in the prior year, the company earned $2.42 earnings per share. On average, research analysts expect 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. This represents a $2.92 annualized dividend and a dividend yield of 2.15%. This is a boost from 3M's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. 3M's dividend payout ratio is currently 38.68%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. reduced their target price on 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Barclays decreased their price objective on 3M from $165.00 to $160.00 and set an "overweight" rating for the company in a research report on Thursday. Bank of America upped their target price on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Royal Bank of Canada restated an "underperform" rating and set a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Finally, Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and upped their price objective 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 given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $147.13.

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.