Price T Rowe Associates Inc. MD Reduces Stock Position in 3M (NYSE:MMM)

Price T Rowe Associates Inc. MD lessened its holdings in shares of 3M (NYSE:MMM - Free Report) by 0.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,727,326 shares of the conglomerate's stock after selling 5,841 shares during the quarter. Price T Rowe Associates Inc. MD owned about 0.32% of 3M worth $222,981,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently added to or reduced their stakes in MMM. Financial Life Planners acquired a new position in 3M during the 4th quarter worth approximately $25,000. Proficio Capital Partners LLC purchased a new stake in 3M during the 4th quarter worth about $26,000. Hazlett Burt & Watson Inc. acquired a new position in shares of 3M during the 4th quarter worth about $27,000. Daymark Wealth Partners LLC raised its position in shares of 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock worth $31,000 after acquiring an additional 19,552 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in 3M by 230.1% during the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after purchasing an additional 214 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Citigroup reduced their price objective on shares of 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research note on Thursday, April 24th. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Barclays raised their price target on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 23rd. Finally, Bank of America increased their price target on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $147.00.

Insider Buying and Selling at 3M

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the firm's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now directly owns 194 shares of the company's stock, valued at $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.34% of the company's stock.

3M Price Performance

Shares of NYSE MMM traded down $0.43 during trading on Thursday, hitting $138.48. 766,071 shares of the company were exchanged, compared to its average volume of 4,089,280. 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 $95.01 and a 1 year high of $156.35. The company has a market cap of $74.53 billion, a price-to-earnings ratio of 18.34, a PEG ratio of 3.30 and a beta of 1.01. The firm's fifty day moving average price is $142.57 and its 200 day moving average price is $138.29.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. On average, sell-side analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This is an increase from 3M's previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend was Friday, February 14th. 3M's dividend payout ratio (DPR) is 36.87%.

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.