Tribune Investment Group LP Takes $6.45 Million Position in 3M (NYSE:MMM)

Tribune Investment Group LP bought a new stake in 3M (NYSE:MMM - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 50,000 shares of the conglomerate's stock, valued at approximately $6,454,000. 3M accounts for 3.6% of Tribune Investment Group LP's holdings, making the stock its 13th largest holding.

A number of other hedge funds have also recently added to or reduced their stakes in MMM. Geode Capital Management LLC increased its holdings in 3M by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock worth $1,493,655,000 after purchasing an additional 280,048 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock worth $734,456,000 after buying an additional 479,621 shares in the last quarter. Norges Bank bought a new stake in 3M during the fourth quarter worth $636,767,000. Invesco Ltd. raised its holdings in shares of 3M by 51.6% in the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after purchasing an additional 1,520,619 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of 3M by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,577,045 shares of the conglomerate's stock worth $461,761,000 after buying an additional 17,228 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Price Performance

MMM stock traded down $0.30 during mid-day trading on Friday, reaching $130.16. 4,951,917 shares of the company traded hands, compared to its average volume of 4,146,736. 3M has a 52-week low of $90.65 and a 52-week high of $156.35. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The company has a market capitalization of $70.20 billion, a P/E ratio of 17.24, a P/E/G ratio of 3.30 and a beta of 1.01. The company has a fifty day moving average price of $144.93 and a 200-day moving average price of $138.26.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion for the quarter, compared to analysts' expectations of $5.77 billion. During the same quarter last year, the firm posted $2.42 EPS. The company's revenue was down 25.0% compared to the same quarter last year. As a group, analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.24%. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio (DPR) is 38.68%.

Insider Transactions at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the business's stock in a transaction that occurred on Friday, January 31st. The stock was 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. The trade was a 90.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Michael F. Roman sold 49,598 shares of 3M stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the transaction, the chairman now directly owns 180,895 shares in the company, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,639 shares of company stock valued at $17,163,446. Insiders own 0.48% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Bank of America upped their price objective on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Royal Bank of Canada restated an "underperform" rating and set a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. JPMorgan Chase & Co. lowered their price objective on shares of 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Tuesday, April 8th. Finally, Wells Fargo & Company raised 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 report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, 3M presently has a consensus rating of "Moderate Buy" and a consensus target price of $146.47.

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.