QS Investors LLC Reduces Stake in 3M Co (MMM)

QS Investors LLC cut its stake in 3M Co (NYSE:MMM) by 16.4% during the fourth quarter, Holdings Channel reports. The fund owned 10,170 shares of the conglomerate’s stock after selling 2,000 shares during the quarter. QS Investors LLC’s holdings in 3M were worth $1,938,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of MMM. BlackRock Inc. boosted its holdings in 3M by 3.0% in the fourth quarter. BlackRock Inc. now owns 39,022,948 shares of the conglomerate’s stock worth $7,435,433,000 after purchasing an additional 1,152,714 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in 3M by 17,350.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 26,897,007 shares of the conglomerate’s stock valued at $141,000 after acquiring an additional 26,742,875 shares during the period. Northern Trust Corp boosted its holdings in 3M by 2.4% during the fourth quarter. Northern Trust Corp now owns 8,011,899 shares of the conglomerate’s stock valued at $1,526,587,000 after acquiring an additional 186,257 shares during the period. Geode Capital Management LLC boosted its holdings in 3M by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock valued at $1,410,584,000 after acquiring an additional 353,754 shares during the period. Finally, Morgan Stanley boosted its holdings in 3M by 11.9% during the third quarter. Morgan Stanley now owns 4,042,904 shares of the conglomerate’s stock valued at $851,879,000 after acquiring an additional 430,262 shares during the period. 67.20% of the stock is currently owned by institutional investors and hedge funds.

MMM has been the subject of a number of recent analyst reports. Zacks Investment Research restated a “hold” rating on shares of 3M in a report on Monday, December 31st. Royal Bank of Canada reiterated a “buy” rating and issued a $213.00 target price on shares of 3M in a research note on Wednesday, December 19th. Morgan Stanley reduced their target price on shares of 3M from $201.00 to $199.00 and set an “equal weight” rating for the company in a research note on Friday, March 22nd. Barclays reduced their target price on shares of 3M from $189.00 to $188.00 and set an “underweight” rating for the company in a research note on Wednesday, April 3rd. Finally, reiterated a “sell” rating on shares of 3M in a research note on Tuesday, February 12th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $205.50.

NYSE MMM opened at $216.90 on Wednesday. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.89 and a quick ratio of 1.29. 3M Co has a twelve month low of $176.87 and a twelve month high of $221.69. The stock has a market capitalization of $124.89 billion, a P/E ratio of 20.74, a P/E/G ratio of 2.02 and a beta of 1.05.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 29th. The conglomerate reported $2.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.28 by $0.03. 3M had a net margin of 16.33% and a return on equity of 57.70%. The business had revenue of $7.95 billion during the quarter, compared to analysts’ expectations of $7.87 billion. During the same quarter last year, the company earned $2.10 earnings per share. The firm’s revenue was down .6% on a year-over-year basis. As a group, sell-side analysts anticipate that 3M Co will post 10.51 earnings per share for the current year.

In other news, CFO Nicholas C. Gangestad sold 4,681 shares of the firm’s stock in a transaction that occurred on Thursday, February 7th. The shares were sold at an average price of $201.34, for a total transaction of $942,472.54. Following the completion of the sale, the chief financial officer now owns 33,691 shares of the company’s stock, valued at $6,783,345.94. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider James L. Bauman sold 16,065 shares of the firm’s stock in a transaction that occurred on Monday, February 11th. The stock was sold at an average price of $200.24, for a total transaction of $3,216,855.60. Following the sale, the insider now directly owns 40,468 shares of the company’s stock, valued at approximately $8,103,312.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 77,414 shares of company stock valued at $15,553,682. Company insiders own 0.83% of the company’s stock.

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About 3M

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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