Voya Investment Management LLC Sells 954,764 Shares of 3M (NYSE:MMM)

Voya Investment Management LLC reduced its stake in shares of 3M (NYSE:MMM - Free Report) by 31.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,034,664 shares of the conglomerate's stock after selling 954,764 shares during the quarter. Voya Investment Management LLC owned about 0.37% of 3M worth $262,655,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Financial Life Planners acquired a new stake in 3M in the 4th quarter valued at approximately $25,000. Proficio Capital Partners LLC bought a new stake in shares of 3M during the fourth quarter valued at about $26,000. Hazlett Burt & Watson Inc. acquired a new stake in 3M in the fourth quarter worth about $27,000. Daymark Wealth Partners LLC grew its position in 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock valued at $31,000 after buying an additional 19,552 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in shares of 3M by 230.1% in the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after acquiring an additional 214 shares during the period. Institutional investors own 65.25% of the company's stock.

3M Stock Performance

3M stock traded down $0.84 during trading hours on Monday, hitting $136.48. The stock had a trading volume of 1,066,594 shares, compared to its average volume of 4,163,648. The company has a 50-day moving average of $143.15 and a two-hundred day moving average of $138.27. 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 fifty-two week low of $91.56 and a fifty-two week high of $156.35. The company has a market cap of $73.45 billion, a PE ratio of 18.07, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 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 analyst estimates of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. On average, equities research analysts anticipate 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. Shareholders of record on Friday, February 14th were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 2.14%. This is a boost from 3M's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. 3M's dividend payout ratio is 36.87%.

Insiders Place Their Bets

In other news, Chairman Michael F. Roman sold 49,598 shares of the firm's stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the transaction, the chairman now owns 180,895 shares of the company's stock, valued at approximately $27,550,308.50. This trade represents a 21.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares of the company's stock, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on MMM. Citigroup dropped their target price on shares of 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Bank of America upped their price target on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Thursday. Wells Fargo & Company raised shares of 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. Finally, 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. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $147.00.

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.