3M (NYSE:MMM) Shares Sold by Ingalls & Snyder LLC

Ingalls & Snyder LLC lessened its holdings in 3M (NYSE:MMM) by 8.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,230 shares of the conglomerate’s stock after selling 200 shares during the quarter. Ingalls & Snyder LLC’s holdings in 3M were worth $288,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. State Street Corp boosted its position in 3M by 1.1% in the 3rd quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock worth $3,717,503,000 after purchasing an additional 302,900 shares in the last quarter. FMR LLC boosted its position in 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in 3M by 1.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock worth $521,596,000 after purchasing an additional 43,942 shares in the last quarter. National Pension Service boosted its position in 3M by 14.5% in the 3rd quarter. National Pension Service now owns 1,268,003 shares of the conglomerate’s stock worth $173,336,000 after purchasing an additional 161,036 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its position in 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after purchasing an additional 1,250,491 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Down 0.0 %

Shares of MMM stock opened at $148.65 on Friday. The stock’s fifty day moving average is $138.49 and its two-hundred day moving average is $133.62. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The firm has a market capitalization of $80.70 billion, a P/E ratio of 19.69, a PEG ratio of 3.37 and a beta of 0.96. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $155.00.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same period last year, the company earned $2.42 EPS. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. Research analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be paid a $0.73 dividend. The ex-dividend date of this dividend is Friday, February 14th. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.96%. 3M’s dividend payout ratio (DPR) is 37.09%.

Wall Street Analysts Forecast Growth

Several research firms have commented on MMM. Weiss Ratings restated a “hold (c)” rating on shares of 3M in a research report on Saturday, February 1st. Barclays increased their target price on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, Bank of America increased their target price on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, 3M has a consensus rating of “Moderate Buy” and an average price target of $148.87.

Insiders Place Their Bets

In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the sale, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at $662,329.15. This trade represents a 34.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares of the company’s stock, valued at $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 in the last three months. 0.34% of the stock is currently owned by insiders.

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.