Jennison Associates LLC Decreases Holdings in 3M (NYSE:MMM)

Jennison Associates LLC trimmed its position in 3M (NYSE:MMM) by 24.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 456,081 shares of the conglomerate’s stock after selling 145,291 shares during the period. Jennison Associates LLC owned about 0.08% of 3M worth $58,875,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. D.A. Davidson & CO. lifted its holdings in 3M by 16.2% in the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after purchasing an additional 20,421 shares in the last quarter. Franklin Resources Inc. raised its position in shares of 3M by 26.8% in the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after buying an additional 178,450 shares during the last quarter. Meyer Handelman Co. lifted its stake in shares of 3M by 1.4% in the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock worth $25,511,000 after buying an additional 2,678 shares in the last quarter. Ballentine Partners LLC boosted its position in 3M by 40.1% during the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after acquiring an additional 5,210 shares during the last quarter. Finally, Stonegate Investment Group LLC grew its stake in 3M by 5.6% during the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after acquiring an additional 13,473 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MMM has been the topic of several recent analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a report on Saturday. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Mizuho lifted their target price on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Citigroup increased their price target on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. raised their price objective on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $148.87.

Insider Transactions at 3M

In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the transaction, the chief accounting officer now directly owns 4,417 shares in the company, valued at $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $150.25, for a total transaction of $247,161.25. Following the sale, the insider now owns 5,153 shares of the company’s stock, valued at $774,238.25. This represents a 24.20 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,639 shares of company stock valued at $17,163,446. Corporate insiders own 0.38% of the company’s stock.

3M Trading Down 1.4 %

Shares of NYSE:MMM opened at $150.13 on Tuesday. 3M has a 52 week low of $75.40 and a 52 week high of $155.00. The company’s 50 day moving average is $135.21 and its two-hundred day moving average is $131.26. The company has a market cap of $81.76 billion, a PE ratio of 19.89, a P/E/G ratio of 3.37 and a beta of 0.96. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M’s revenue for the quarter was down 25.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.42 earnings per share. Equities analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

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.