The Manufacturers Life Insurance Company lessened its stake in shares of 3M Co (NYSE:MMM) by 7.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 552,513 shares of the conglomerate’s stock after selling 41,621 shares during the period. The Manufacturers Life Insurance Company owned 0.09% of 3M worth $130,045,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the business. APG Asset Management N.V. lifted its position in 3M by 128.1% in the fourth quarter. APG Asset Management N.V. now owns 1,427,350 shares of the conglomerate’s stock worth $279,776,000 after purchasing an additional 801,639 shares during the period. Bank of Montreal Can lifted its holdings in shares of 3M by 38.9% during the fourth quarter. Bank of Montreal Can now owns 930,370 shares of the conglomerate’s stock valued at $218,981,000 after acquiring an additional 260,349 shares during the period. Teacher Retirement System of Texas lifted its holdings in shares of 3M by 229.3% during the fourth quarter. Teacher Retirement System of Texas now owns 363,943 shares of the conglomerate’s stock valued at $85,661,000 after acquiring an additional 253,420 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of 3M by 8.6% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,024,371 shares of the conglomerate’s stock valued at $476,476,000 after acquiring an additional 159,668 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its holdings in shares of 3M by 4.7% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 3,171,136 shares of the conglomerate’s stock valued at $746,391,000 after acquiring an additional 142,799 shares during the period. Institutional investors own 66.89% of the company’s stock.
3M Co (NYSE:MMM) traded down $3.28 during midday trading on Wednesday, reaching $234.29. The company’s stock had a trading volume of 2,238,526 shares, compared to its average volume of 2,612,814. The company has a market cap of $139,900.00, a PE ratio of 25.55, a price-to-earnings-growth ratio of 2.23 and a beta of 1.10. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.86 and a quick ratio of 1.33. 3M Co has a 12-month low of $188.62 and a 12-month high of $259.77.
3M (NYSE:MMM) last released its earnings results on Thursday, January 25th. The conglomerate reported $2.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.07. The firm had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $7.85 billion. 3M had a return on equity of 48.34% and a net margin of 15.35%. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.88 EPS. sell-side analysts forecast that 3M Co will post 10.59 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, March 12th. Shareholders of record on Friday, February 16th were paid a $1.36 dividend. This is a boost from 3M’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $5.44 annualized dividend and a yield of 2.32%. 3M’s payout ratio is presently 59.32%.
A number of research analysts have issued reports on MMM shares. ValuEngine cut 3M from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Argus reissued a “buy” rating on shares of 3M in a report on Friday, December 22nd. Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. Deutsche Bank raised their target price on 3M from $180.00 to $240.00 and gave the company a “hold” rating in a research note on Wednesday, January 10th. Finally, Citigroup lifted their price objective on 3M from $268.00 to $278.00 and gave the stock a “buy” rating in a research report on Tuesday, January 16th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $254.02.
In related news, EVP Michael F. Roman sold 4,146 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $246.65, for a total transaction of $1,022,610.90. Following the transaction, the executive vice president now directly owns 16,208 shares of the company’s stock, valued at approximately $3,997,703.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Frank R. Jr. Little sold 3,133 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $236.85, for a total value of $742,051.05. The disclosure for this sale can be found here. Insiders sold a total of 52,806 shares of company stock worth $13,162,628 in the last 90 days. Company insiders own 0.58% of the company’s stock.
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3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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