Cerity Partners LLC raised its position in 3M (NYSE:MMM - Free Report) by 44.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 276,095 shares of the conglomerate's stock after buying an additional 84,779 shares during the period. Cerity Partners LLC's holdings in 3M were worth $30,183,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Financial Freedom LLC bought a new stake in 3M in the 4th quarter valued at about $25,000. DHJJ Financial Advisors Ltd. bought a new position in shares of 3M in the third quarter worth $28,000. Briaud Financial Planning Inc bought a new position in 3M in the 3rd quarter worth about $35,000. Authentikos Wealth Advisory LLC purchased a new position in 3M during the 3rd quarter valued at about $37,000. Finally, CGC Financial Services LLC increased its position in shares of 3M by 89.9% during the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate's stock valued at $37,000 after buying an additional 160 shares during the period. Hedge funds and other institutional investors own 65.25% of the company's stock.
Insider Transactions at 3M
In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares of the company's stock, valued at $366,141.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.34% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts recently commented on MMM shares. Mizuho reaffirmed a "neutral" rating and set a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. Bank of America lowered their price target on 3M from $110.00 to $100.00 and set a "neutral" rating on the stock in a report on Tuesday, April 2nd. StockNews.com started coverage on 3M in a report on Thursday, April 4th. They set a "buy" rating for the company. Barclays lowered their target price on shares of 3M from $126.00 to $107.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 2nd. Finally, Wells Fargo & Company cut their price target on shares of 3M from $112.00 to $105.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $103.50.
Check Out Our Latest Report on MMM
3M Trading Down 2.0 %
Shares of MMM stock traded down $1.87 on Friday, hitting $91.31. 3,590,782 shares of the company's stock traded hands, compared to its average volume of 6,400,223. The stock has a market capitalization of $50.53 billion, a price-to-earnings ratio of -7.23, a P/E/G ratio of 1.65 and a beta of 1.02. The company's fifty day simple moving average is $95.95 and its 200 day simple moving average is $97.29. 3M has a one year low of $71.12 and a one year high of $95.67. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07.
3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm had revenue of $8.01 billion for the quarter, compared to analysts' expectations of $7.69 billion. During the same period last year, the firm earned $2.28 earnings per share. The company's revenue for the quarter was down 1.1% compared to the same quarter last year. Equities analysts forecast that 3M will post 8.79 EPS for the current year.
3M Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.61%. The ex-dividend date of this dividend was Thursday, February 15th. This is a positive change from 3M's previous quarterly dividend of $1.50. 3M's dividend payout ratio is -47.82%.
3M Company Profile
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Free Report)
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.
Further Reading
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