Polar Asset Management Partners Inc. Sells 35,800 Shares of 3M (NYSE:MMM)

Polar Asset Management Partners Inc. lowered its position in 3M (NYSE:MMM - Free Report) by 43.5% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 46,407 shares of the conglomerate's stock after selling 35,800 shares during the period. Polar Asset Management Partners Inc.'s holdings in 3M were worth $5,991,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of MMM. Investors Asset Management of Georgia Inc. GA ADV boosted its position in shares of 3M by 1.3% during the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate's stock valued at $694,000 after purchasing an additional 67 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in shares of 3M by 1.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate's stock worth $665,000 after buying an additional 70 shares in the last quarter. LaSalle St. Investment Advisors LLC increased its stake in shares of 3M by 2.5% in the 4th quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate's stock valued at $381,000 after acquiring an additional 71 shares in the last quarter. Gilbert & Cook Inc. lifted its position in shares of 3M by 1.5% during the 4th quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate's stock valued at $659,000 after acquiring an additional 73 shares during the period. Finally, Childress Capital Advisors LLC grew its holdings in 3M by 5.1% in the fourth quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate's stock worth $203,000 after purchasing an additional 76 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

Shares of MMM traded down $1.43 during mid-day trading on Friday, reaching $148.20. 5,262,406 shares of the stock traded hands, compared to its average volume of 3,966,747. The company has a market cap of $79.76 billion, a price-to-earnings ratio of 19.63, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. 3M has a 1 year low of $96.89 and a 1 year high of $156.35. The firm has a fifty day moving average price of $141.44 and a 200 day moving average price of $140.56. 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 analysts' consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. As a group, equities research analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.97%. 3M's dividend payout ratio (DPR) is 36.87%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Bank of America raised their target price on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Citigroup upped their target price on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Saturday, May 24th. Barclays upped their price objective on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $153.46.

Insider Activity

In other news, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the sale, the executive vice president now directly owns 6,127 shares of the company's stock, valued at $913,045.54. The trade was a 56.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the sale, the executive vice president now owns 31,372 shares in the company, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

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.