Woodline Partners LP Boosts Stake in 3M (NYSE:MMM)

Woodline Partners LP lifted its stake in 3M (NYSE:MMM - Free Report) by 20.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 488,343 shares of the conglomerate's stock after purchasing an additional 82,057 shares during the quarter. Woodline Partners LP owned about 0.09% of 3M worth $63,040,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in MMM. Assenagon Asset Management S.A. boosted its position in shares of 3M by 78.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 40,029 shares of the conglomerate's stock worth $5,167,000 after purchasing an additional 17,564 shares in the last quarter. Merit Financial Group LLC boosted its position in shares of 3M by 106.8% in the 4th quarter. Merit Financial Group LLC now owns 18,004 shares of the conglomerate's stock worth $2,324,000 after purchasing an additional 9,299 shares in the last quarter. Brooklyn Investment Group boosted its position in shares of 3M by 23.3% in the 4th quarter. Brooklyn Investment Group now owns 550 shares of the conglomerate's stock worth $71,000 after purchasing an additional 104 shares in the last quarter. HB Wealth Management LLC boosted its position in shares of 3M by 13.2% in the 4th quarter. HB Wealth Management LLC now owns 23,489 shares of the conglomerate's stock worth $3,032,000 after purchasing an additional 2,734 shares in the last quarter. Finally, Ameritas Advisory Services LLC boosted its position in shares of 3M by 1.3% in the 4th quarter. Ameritas Advisory Services LLC now owns 15,636 shares of the conglomerate's stock worth $2,018,000 after purchasing an additional 195 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

3M Price Performance

NYSE MMM opened at $154.11 on Tuesday. The business's fifty day moving average price is $141.68 and its 200-day moving average price is $139.66. The stock has a market capitalization of $82.94 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 3.30 and a beta of 1.02. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. 3M has a 1-year low of $96.76 and a 1-year high of $156.35.

3M (NYSE:MMM - Get Free Report) last released its earnings results 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 company had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. On average, equities analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Announces Dividend

The business 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 $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.89%. 3M's dividend payout ratio (DPR) is currently 36.87%.

Insider Transactions at 3M

In other news, EVP Zoe L. Dickson sold 7,915 shares of the firm's 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 of the company's stock, valued at $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on MMM shares. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Saturday, May 10th. Citigroup dropped their price objective on 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. JPMorgan Chase & Co. boosted their target price on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research report on Friday. Bank of America raised their price target on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Finally, Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, 3M currently has a consensus rating of "Moderate Buy" and an average price target of $152.08.

3M Company 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.

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