Schonfeld Strategic Advisors LLC Sells 84,733 Shares of 3M (NYSE:MMM)

Schonfeld Strategic Advisors LLC decreased its holdings in 3M (NYSE:MMM - Free Report) by 26.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 240,877 shares of the conglomerate's stock after selling 84,733 shares during the quarter. Schonfeld Strategic Advisors LLC's holdings in 3M were worth $31,095,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Geode Capital Management LLC raised its position in shares of 3M by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock worth $1,493,655,000 after acquiring an additional 280,048 shares during the last quarter. Northern Trust Corp increased its position in 3M by 12.6% during the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after purchasing an additional 755,155 shares during the period. Capital World Investors raised its holdings in 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in 3M by 9.2% during the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock worth $734,456,000 after purchasing an additional 479,621 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of 3M in the 4th quarter worth approximately $636,767,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at 3M

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

3M Stock Down 0.7 %

Shares of NYSE MMM traded down $0.92 during mid-day trading on Thursday, reaching $137.99. 2,235,875 shares of the company's stock traded hands, compared to its average volume of 4,066,984. 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 stock has a market cap of $74.26 billion, a P/E ratio of 18.28, a PEG ratio of 3.30 and a beta of 1.01. The business has a 50-day simple moving average of $142.42 and a 200 day simple moving average of $138.31.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The business had revenue of $5.80 billion during 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, analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a $0.73 dividend. This is a positive change from 3M's previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend was Friday, February 14th. 3M's dividend payout ratio is presently 36.87%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MMM. Royal Bank of Canada boosted their target price on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Thursday, April 24th. Barclays raised their target price on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 23rd. Citigroup cut their price target on 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, 3M has an average rating of "Moderate Buy" and a consensus price target of $147.00.

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.