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

Polar Asset Management Partners Inc. trimmed its stake in 3M (NYSE:MMM - Free Report) by 43.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Wedmont Private Capital increased its position in 3M by 19.3% in the 4th quarter. Wedmont Private Capital now owns 2,951 shares of the conglomerate's stock worth $387,000 after buying an additional 477 shares during the period. Miracle Mile Advisors LLC increased its position in 3M by 310.0% in the 4th quarter. Miracle Mile Advisors LLC now owns 6,552 shares of the conglomerate's stock worth $846,000 after buying an additional 4,954 shares during the period. Fifth Third Wealth Advisors LLC increased its position in 3M by 21.5% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 8,791 shares of the conglomerate's stock worth $1,135,000 after buying an additional 1,553 shares during the period. Assenagon Asset Management S.A. increased its position in 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 buying an additional 17,564 shares during the period. Finally, Kathmere Capital Management LLC increased its position in shares of 3M by 3.5% during the fourth quarter. Kathmere Capital Management LLC now owns 5,797 shares of the conglomerate's stock valued at $748,000 after purchasing an additional 197 shares during the period. 65.25% of the stock is owned by institutional investors.

3M Trading Up 2.9%

NYSE MMM traded up $4.37 on Friday, reaching $153.11. The company had a trading volume of 3,556,311 shares, compared to its average volume of 4,005,171. The stock's 50 day moving average is $141.60 and its 200-day moving average is $139.47. The stock has a market cap of $82.40 billion, a price-to-earnings ratio of 20.28, a PEG ratio of 3.30 and a beta of 1.02. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 52 week low of $96.76 and a 52 week high of $156.35.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. Equities analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.91%. 3M's dividend payout ratio (DPR) is currently 36.87%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MMM. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their price objective on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research report on Friday. Citigroup lowered 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. Royal Bank of Canada boosted their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Finally, Barclays boosted their price objective on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, 3M presently has a consensus rating of "Moderate Buy" and an average target price 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.