Candlestick Capital Management LP Has $72.53 Million Stock Position in 3M (NYSE:MMM)

Candlestick Capital Management LP lifted its stake in shares of 3M (NYSE:MMM - Free Report) by 107.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 561,826 shares of the conglomerate's stock after acquiring an additional 290,569 shares during the quarter. 3M comprises approximately 1.7% of Candlestick Capital Management LP's holdings, making the stock its 11th largest position. Candlestick Capital Management LP owned about 0.10% of 3M worth $72,526,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in MMM. Wayfinding Financial LLC bought a new stake in shares of 3M in the 4th quarter worth approximately $851,000. Franklin Resources Inc. lifted its position 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 acquiring an additional 178,450 shares during the period. Meyer Handelman Co. lifted its position in shares of 3M by 1.4% in the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate's stock worth $25,511,000 after acquiring an additional 2,678 shares during the period. USA Financial Formulas bought a new stake in shares of 3M in the 4th quarter worth approximately $816,000. Finally, Braun Stacey Associates Inc. lifted its position in shares of 3M by 18.4% in the 4th 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 during the period. Institutional investors own 65.25% of the company's stock.

Insider Activity

In related news, EVP Victoria Clarke sold 1,750 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 194 shares of the company's stock, valued at approximately $29,918.68. This represents a 90.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.34% of the stock is owned by company insiders.

3M Trading Up 0.3 %

NYSE MMM traded up $0.47 during mid-day trading on Wednesday, reaching $138.85. 3,062,466 shares of the stock were exchanged, compared to its average volume of 4,102,294. 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 stock has a market cap of $74.73 billion, a P/E ratio of 18.39, a P/E/G ratio of 3.30 and a beta of 1.01. The stock has a 50 day simple moving average of $142.57 and a 200-day simple moving average of $138.29. 3M has a one year low of $95.01 and a one year high of $156.35.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (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 the consensus estimate of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. On average, analysts anticipate 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 paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.10%. This is an increase from 3M's previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M's payout ratio is currently 36.87%.

Analysts Set New Price Targets

Several equities analysts recently commented on MMM shares. Citigroup cut their target price on 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Bank of America boosted their target price on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research note on Thursday, April 24th. Royal Bank of Canada upped their price target on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Finally, Barclays upped their price target on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. Two investment 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 data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $147.00.

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.