3M Company $MMM Stock Position Lessened by Hodges Capital Management Inc.

Key Points

• Hodges Capital Management Inc. reduced its stake in 3M Company by 37.0%, selling 12,883 shares and currently holding 21,970 shares valued at approximately $3.23 million.
• A series of hedge funds have recently increased their investments in 3M, with institutional investors currently owning 65.25% of the stock.
• 3M announced a quarterly dividend of $0.73 per share, representing a 1.8% yield, set to be paid on September 12th to shareholders recorded by August 25th.

Hodges Capital Management Inc. cut its stake in shares of 3M Company (NYSE:MMM - Free Report) by 37.0% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 21,970 shares of the conglomerate's stock after selling 12,883 shares during the period. Hodges Capital Management Inc.'s holdings in 3M were worth $3,227,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nuveen LLC acquired a new position in shares of 3M in the 1st quarter valued at approximately $235,020,000. Alliancebernstein L.P. raised its position in shares of 3M by 23.1% in the 1st quarter. Alliancebernstein L.P. now owns 3,127,734 shares of the conglomerate's stock valued at $459,339,000 after purchasing an additional 586,851 shares in the last quarter. Amundi raised its position in shares of 3M by 20.7% in the 1st quarter. Amundi now owns 3,030,397 shares of the conglomerate's stock valued at $423,471,000 after purchasing an additional 519,302 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new position in shares of 3M in the 1st quarter valued at approximately $68,822,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of 3M by 10.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,198,538 shares of the conglomerate's stock valued at $616,597,000 after purchasing an additional 414,160 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. This represents a 57.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the transaction, the insider directly owned 2,900 shares of the company's stock, valued at approximately $435,522. The trade was a 68.01% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on MMM. Citigroup upped their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Saturday. Barclays set a $170.00 price target on 3M in a research report on Friday, July 18th. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Finally, JPMorgan Chase & Co. set a $167.00 price target on 3M in a research report on Friday, July 18th. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, 3M has an average rating of "Moderate Buy" and an average target price of $161.78.

3M Stock Performance

MMM traded up $0.29 during trading on Wednesday, reaching $156.79. 787,476 shares of the company were exchanged, compared to its average volume of 3,713,234. The stock has a market cap of $83.51 billion, a P/E ratio of 21.82, a PEG ratio of 2.84 and a beta of 1.04. The firm has a 50 day moving average of $154.20 and a 200 day moving average of $148.02. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. 3M Company has a 52 week low of $121.98 and a 52 week high of $164.15.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. The firm had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%.The firm's revenue was up 1.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.93 EPS. On average, sell-side analysts forecast that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, August 25th were paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Monday, August 25th. 3M's dividend payout ratio is presently 40.61%.

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.