Two Sigma Investments LP Decreases Stake in 3M (NYSE:MMM)

Two Sigma Investments LP reduced its stake in shares of 3M (NYSE:MMM - Free Report) by 58.9% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 12,452 shares of the conglomerate's stock after selling 17,863 shares during the period. Two Sigma Investments LP's holdings in 3M were worth $1,607,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of MMM. Brighton Jones LLC increased its stake in 3M by 26.6% during the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after acquiring an additional 1,872 shares during the last quarter. Chicago Capital LLC raised its holdings in 3M by 4.1% in the fourth quarter. Chicago Capital LLC now owns 5,088 shares of the conglomerate's stock valued at $657,000 after acquiring an additional 200 shares in the last quarter. Catalina Capital Group LLC lifted its position in shares of 3M by 12.5% during the 4th quarter. Catalina Capital Group LLC now owns 2,057 shares of the conglomerate's stock worth $266,000 after purchasing an additional 229 shares during the last quarter. Financial Life Planners acquired a new position in shares of 3M during the 4th quarter worth about $25,000. Finally, GEN Financial Management INC. purchased a new position in shares of 3M in the 4th quarter valued at $373,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MMM shares. Royal Bank of Canada increased their price target on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Saturday, May 24th. Citigroup raised their price target on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. upped their price target on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Finally, Bank of America boosted 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. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $153.46.

3M Price Performance

Shares of MMM stock traded down $0.34 during trading hours on Friday, hitting $145.92. The company had a trading volume of 1,002,115 shares, compared to its average volume of 3,860,440. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The firm's fifty day moving average is $141.22 and its 200 day moving average is $141.13. 3M has a 12 month low of $98.16 and a 12 month high of $156.35. The firm has a market capitalization of $78.53 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 3.30 and a beta of 1.03.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data 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. On average, sell-side analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 2.00%. 3M's payout ratio is currently 36.87%.

Insider Buying and Selling

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction dated 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 transaction, the executive vice president now owns 6,127 shares in the company, valued at $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the transaction, the executive vice president now owns 31,372 shares of the company's stock, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

3M 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.