Cartenna Capital LP Acquires 359,115 Shares of 3M (NYSE:MMM)

Cartenna Capital LP boosted its holdings in shares of 3M (NYSE:MMM - Free Report) by 117.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 664,115 shares of the conglomerate's stock after purchasing an additional 359,115 shares during the period. 3M accounts for approximately 4.1% of Cartenna Capital LP's holdings, making the stock its 4th largest holding. Cartenna Capital LP owned approximately 0.12% of 3M worth $85,731,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Financial Life Planners bought a new stake in shares of 3M during the fourth quarter worth approximately $25,000. Hazlett Burt & Watson Inc. acquired a new position in shares of 3M in the 4th quarter valued at $27,000. Meeder Asset Management Inc. boosted its position in shares of 3M by 230.1% in the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after purchasing an additional 214 shares during the last quarter. ORG Partners LLC increased its holdings in 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock valued at $41,000 after purchasing an additional 98 shares during the last quarter. Finally, Catalyst Capital Advisors LLC increased its holdings in 3M by 81.5% in the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate's stock valued at $47,000 after purchasing an additional 163 shares during the last quarter. Institutional investors own 65.25% of the company's stock.

3M Stock Down 0.7 %

Shares of NYSE MMM traded down $0.94 during midday trading on Monday, reaching $136.38. The company's stock had a trading volume of 936,569 shares, compared to its average volume of 4,163,180. 3M has a fifty-two week low of $91.56 and a fifty-two week high of $156.35. The stock has a 50 day simple moving average of $143.15 and a 200-day simple moving average of $138.27. The stock has a market capitalization of $73.40 billion, a price-to-earnings ratio of 18.05, a PEG ratio of 3.30 and a beta of 1.01. 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, topping the consensus estimate of $1.77 by $0.11. The firm had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. Equities research analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 2.14%. This is an increase 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 (DPR) is currently 36.87%.

Insiders Place Their Bets

In related news, EVP Victoria Clarke sold 1,750 shares of the business's stock in a transaction on Friday, January 31st. The shares were 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 in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Michael F. Roman sold 49,598 shares of the stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the completion of the sale, the chairman now owns 180,895 shares of the company's stock, valued at approximately $27,550,308.50. This represents a 21.52 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on MMM shares. Royal Bank of Canada upped their price target on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Thursday. Bank of America raised 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. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, Barclays raised their price target on 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 issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $147.00.

About 3M

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.