D1 Capital Partners L.P. Makes New Investment in 3M (NYSE:MMM)

D1 Capital Partners L.P. bought a new stake in 3M (NYSE:MMM - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,356,493 shares of the conglomerate's stock, valued at approximately $175,110,000. 3M comprises 2.9% of D1 Capital Partners L.P.'s holdings, making the stock its 10th biggest holding. D1 Capital Partners L.P. owned approximately 0.25% of 3M as of its most recent SEC filing.

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

Insider Buying and Selling

In related news, Chairman Michael F. Roman sold 49,598 shares of the firm's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the transaction, the chairman now directly owns 180,895 shares of the company's stock, valued at approximately $27,550,308.50. This trade represents a 21.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Victoria Clarke sold 1,750 shares of the business'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 value of $269,885.00. Following the completion of the sale, the executive vice president now owns 194 shares of the company's stock, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

MMM has been the subject of a number of research analyst reports. Barclays upped their target price on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. decreased their target price on 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Royal Bank of Canada raised their price objective on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $147.00.

3M Stock Down 0.7 %

Shares of MMM traded down $0.94 during midday trading on Monday, reaching $136.38. 936,569 shares of the stock were exchanged, compared to its average volume of 4,163,180. The company has a market cap of $73.40 billion, a price-to-earnings ratio of 18.05, a P/E/G ratio of 3.30 and a beta of 1.01. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 12-month low of $91.56 and a 12-month high of $156.35. The firm has a 50 day simple moving average of $143.15 and a 200-day simple moving average of $138.27.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.11. The firm had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. Research analysts forecast 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. Investors of record on Friday, February 14th were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.14%. The ex-dividend date was Friday, February 14th. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is presently 36.87%.

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.