Zacks Investment Management Decreases Holdings in 3M (NYSE:MMM)

Zacks Investment Management reduced its position in 3M (NYSE:MMM - Free Report) by 9.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 392,986 shares of the conglomerate's stock after selling 38,638 shares during the quarter. Zacks Investment Management owned about 0.07% of 3M worth $50,731,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in MMM. Tudor Financial Inc. acquired a new stake in shares of 3M during the third quarter worth $259,000. World Investment Advisors LLC boosted its position in 3M by 22.4% in the third quarter. World Investment Advisors LLC now owns 11,768 shares of the conglomerate's stock valued at $1,609,000 after buying an additional 2,155 shares during the last quarter. Wilmington Savings Fund Society FSB increased its holdings in 3M by 255.1% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 78,978 shares of the conglomerate's stock worth $10,796,000 after buying an additional 56,734 shares during the period. Tidal Investments LLC raised its position in 3M by 44.7% during the 3rd quarter. Tidal Investments LLC now owns 72,733 shares of the conglomerate's stock worth $9,943,000 after buying an additional 22,461 shares during the last quarter. Finally, Peapack Gladstone Financial Corp boosted its holdings in shares of 3M by 0.7% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 116,993 shares of the conglomerate's stock valued at $15,993,000 after acquiring an additional 830 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the transaction, the chief accounting officer now owns 4,417 shares in the company, valued at approximately $662,329.15. This trade represents a 34.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business's 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 directly owns 5,024 shares of the company's stock, valued at approximately $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.48% of the stock is currently owned by company insiders.

3M Trading Down 0.2 %

NYSE MMM traded down $0.30 during trading hours on Friday, reaching $130.16. The company had a trading volume of 4,951,917 shares, compared to its average volume of 4,151,045. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The stock has a market capitalization of $70.20 billion, a P/E ratio of 17.24, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. The stock has a 50-day moving average of $144.53 and a 200 day moving average of $138.22. 3M has a 1-year low of $90.65 and a 1-year high of $156.35.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share 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 firm had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter last year, the firm earned $2.42 EPS. The firm's revenue for the quarter was down 25.0% on a year-over-year basis. As a group, research analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.24%. The ex-dividend date was Friday, February 14th. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio is currently 38.68%.

Analyst Ratings Changes

Several research firms have commented 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. Royal Bank of Canada reissued an "underperform" rating and issued a $96.00 price target on shares of 3M in a report on Thursday, February 27th. JPMorgan Chase & Co. dropped 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. Citigroup decreased their target price on shares of 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $146.47.

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.