Versor Investments LP lowered its stake in shares of 3M (NYSE:MMM – Get Rating) by 4.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,512 shares of the conglomerate’s stock after selling 638 shares during the period. Versor Investments LP’s holdings in 3M were worth $1,604,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Markel Corp raised its stake in shares of 3M by 6.5% in the first quarter. Markel Corp now owns 269,750 shares of the conglomerate’s stock valued at $40,161,000 after buying an additional 16,550 shares during the period. Axiom Financial Strategies LLC raised its stake in 3M by 5.3% in the 1st quarter. Axiom Financial Strategies LLC now owns 6,513 shares of the conglomerate’s stock valued at $942,000 after acquiring an additional 326 shares during the period. Private Portfolio Partners LLC lifted its holdings in 3M by 7.7% during the first quarter. Private Portfolio Partners LLC now owns 2,483 shares of the conglomerate’s stock valued at $370,000 after purchasing an additional 177 shares during the last quarter. Operose Advisors LLC boosted its position in 3M by 322.7% during the first quarter. Operose Advisors LLC now owns 596 shares of the conglomerate’s stock worth $89,000 after purchasing an additional 455 shares during the period. Finally, Kinloch Capital LLC raised its position in shares of 3M by 8.1% in the first quarter. Kinloch Capital LLC now owns 16,157 shares of the conglomerate’s stock valued at $2,405,000 after purchasing an additional 1,211 shares during the period. Institutional investors own 65.61% of the company’s stock.
3M Stock Down 0.5 %
Shares of MMM opened at $119.92 on Tuesday. 3M has a 1 year low of $107.07 and a 1 year high of $181.78. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.56 and a quick ratio of 0.97. The stock has a 50 day simple moving average of $124.86 and a two-hundred day simple moving average of $126.80. The firm has a market cap of $66.28 billion, a P/E ratio of 10.45, a P/E/G ratio of 1.24 and a beta of 1.00.
3M (NYSE:MMM – Get Rating) last announced its quarterly earnings data on Tuesday, October 25th. The conglomerate reported $2.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.08. The company had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.70 billion. 3M had a net margin of 18.91% and a return on equity of 40.03%. The firm’s revenue was down 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.45 EPS. On average, analysts forecast that 3M will post 10.22 earnings per share for the current fiscal year.
3M Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, December 12th. Stockholders of record on Friday, November 18th were issued a $1.49 dividend. The ex-dividend date was Thursday, November 17th. This represents a $5.96 annualized dividend and a dividend yield of 4.97%. 3M’s dividend payout ratio is currently 51.92%.
Analysts Set New Price Targets
A number of research firms recently weighed in on MMM. Wells Fargo & Company reduced their price objective on shares of 3M from $125.00 to $122.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 26th. Credit Suisse Group dropped their price objective on 3M to $127.00 in a report on Thursday, October 27th. Morgan Stanley lifted their target price on 3M from $108.00 to $110.00 and gave the company an “underweight” rating in a report on Wednesday, October 26th. StockNews.com assumed coverage on shares of 3M in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, Barclays decreased their target price on shares of 3M from $137.00 to $130.00 and set an “underweight” rating on the stock in a report on Monday, October 3rd. Three analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $133.57.
Insider Activity
In related news, SVP Rodriguez Beatriz Karin Chavez sold 1,071 shares of the firm’s stock in a transaction that occurred on Friday, October 28th. The stock was sold at an average price of $126.28, for a total transaction of $135,245.88. Following the transaction, the senior vice president now directly owns 3,313 shares in the company, valued at approximately $418,365.64. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, SVP Rodriguez Beatriz Karin Chavez sold 1,071 shares of the company’s stock in a transaction on Friday, October 28th. The shares were sold at an average price of $126.28, for a total transaction of $135,245.88. Following the completion of the sale, the senior vice president now directly owns 3,313 shares in the company, valued at approximately $418,365.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kevin H. Rhodes sold 5,703 shares of the firm’s stock in a transaction on Friday, October 28th. The stock was sold at an average price of $126.40, for a total transaction of $720,859.20. Following the completion of the sale, the executive vice president now directly owns 2,033 shares in the company, valued at approximately $256,971.20. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by corporate insiders.
3M Company Profile
3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.
Further Reading
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