Jennison Associates LLC purchased a new position in 3M Co (NYSE:MMM) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,286 shares of the conglomerate’s stock, valued at approximately $773,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Harvest Fund Management Co. Ltd increased its holdings in 3M by 363.4% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 936 shares of the conglomerate’s stock worth $220,000 after acquiring an additional 734 shares in the last quarter. Brick & Kyle Associates increased its holdings in 3M by 46.9% in the 4th quarter. Brick & Kyle Associates now owns 2,360 shares of the conglomerate’s stock worth $556,000 after acquiring an additional 754 shares in the last quarter. Tower View Investment Management & Research LLC purchased a new stake in 3M in the 4th quarter worth $217,000. Glenview State Bank Trust DEPT. increased its holdings in 3M by 5.8% in the 4th quarter. Glenview State Bank Trust DEPT. now owns 6,402 shares of the conglomerate’s stock worth $1,506,000 after acquiring an additional 350 shares in the last quarter. Finally, Canal Capital Management LLC increased its holdings in 3M by 3.2% in the 4th quarter. Canal Capital Management LLC now owns 7,101 shares of the conglomerate’s stock worth $1,671,000 after acquiring an additional 221 shares in the last quarter. 66.38% of the stock is owned by institutional investors.
Shares of 3M Co (MMM) opened at $231.44 on Tuesday. The company has a current ratio of 1.86, a quick ratio of 1.33 and a debt-to-equity ratio of 1.04. The stock has a market cap of $137,850.00, a price-to-earnings ratio of 29.19, a price-to-earnings-growth ratio of 2.27 and a beta of 1.08. 3M Co has a one year low of $173.90 and a one year high of $259.77.
3M (NYSE:MMM) last announced its quarterly earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share for the quarter, beating the 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 net margin of 15.35% and a return on equity of 48.34%. The company’s revenue was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.88 EPS. sell-side analysts forecast that 3M Co will post 10.6 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be given a dividend of $1.36 per share. This is a boost from 3M’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $5.44 annualized dividend and a dividend yield of 2.35%. 3M’s payout ratio is presently 59.27%.
MMM has been the subject of several recent analyst reports. Argus reissued a “buy” rating on shares of 3M in a report on Friday, December 22nd. Bank of America lifted their target price on shares of 3M from $227.00 to $257.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $271.00 target price on the stock in a research note on Monday, January 15th. Citigroup lifted their target price on shares of 3M from $268.00 to $278.00 and gave the stock a “buy” rating in a research note on Tuesday, January 16th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and set a $237.00 target price (up previously from $229.00) on shares of 3M in a research note on Wednesday, October 11th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $249.63.
In other news, VP Ippocratis Vrohidis sold 225 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $249.68, for a total transaction of $56,178.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Inge G. Thulin sold 35,236 shares of the business’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $251.14, for a total transaction of $8,849,169.04. Following the transaction, the chairman now directly owns 253,873 shares in the company, valued at approximately $63,757,665.22. The disclosure for this sale can be found here. In the last three months, insiders have sold 45,527 shares of company stock worth $11,397,966. Corporate insiders own 0.58% of the company’s stock.
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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