Adage Capital Partners GP L.L.C. decreased its position in shares of 3M (NYSE:MMM - Free Report) by 44.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,464,072 shares of the conglomerate's stock after selling 1,193,700 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.27% of 3M worth $188,997,000 as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC lifted its stake in shares of 3M by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock valued at $1,493,655,000 after acquiring an additional 280,048 shares during the period. Capital World Investors lifted its position in 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after purchasing an additional 1,248,093 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of 3M by 9.2% in the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock valued at $734,456,000 after purchasing an additional 479,621 shares during the last quarter. Norges Bank acquired a new stake in shares of 3M during the 4th quarter worth approximately $636,767,000. Finally, Invesco Ltd. raised its stake in shares of 3M by 51.6% during the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after buying an additional 1,520,619 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.
3M Stock Down 1.1 %
Shares of MMM stock traded down $1.58 during trading hours on Friday, hitting $137.30. 2,141,243 shares of the company were exchanged, compared to its average volume of 4,175,835. The company has a market capitalization of $73.89 billion, a PE ratio of 18.19, 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 business has a 50 day moving average of $143.15 and a two-hundred day moving average of $138.23. 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 issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. Analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal 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 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is currently 36.87%.
Analyst Upgrades and Downgrades
A number of research firms have commented on MMM. Royal Bank of Canada lifted their target price on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday. Bank of America lifted their price objective on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. dropped their price objective on 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Citigroup lowered their price target on 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Two 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 company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $147.00.
View Our Latest Analysis on MMM
Insider Activity at 3M
In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $150.25, for a total value of $247,161.25. Following the completion of the sale, the insider now owns 5,153 shares in the company, valued at $774,238.25. This trade represents a 24.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Victoria Clarke sold 1,750 shares of the business's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,736 shares of company stock valued at $9,081,260. Corporate insiders own 0.34% of the company's stock.
About 3M
(
Free Report)
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.
Featured Stories

Before you consider 3M, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and 3M wasn't on the list.
While 3M currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Enter your email address and below to see which companies made the list.
Get This Free Report