3M (NYSE:MMM) Shares Sold by Diametric Capital LP

Diametric Capital LP lessened its position in shares of 3M (NYSE:MMM) by 50.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,159 shares of the conglomerate’s stock after selling 2,158 shares during the quarter. Diametric Capital LP’s holdings in 3M were worth $279,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Wayfinding Financial LLC acquired a new position in 3M during the fourth quarter worth $851,000. Franklin Resources Inc. increased its holdings in shares of 3M by 26.8% in the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after acquiring an additional 178,450 shares during the last quarter. Meyer Handelman Co. grew its position in shares of 3M by 1.4% in the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock valued at $25,511,000 after buying an additional 2,678 shares during the last quarter. USA Financial Formulas acquired a new stake in shares of 3M in the 4th quarter valued at about $816,000. Finally, Braun Stacey Associates Inc. grew its position in shares of 3M by 18.4% during the fourth quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate’s stock worth $18,408,000 after acquiring an additional 22,203 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

3M stock opened at $147.74 on Wednesday. The company has a market cap of $79.68 billion, a PE ratio of 19.57, a P/E/G ratio of 3.30 and a beta of 0.97. 3M has a 12 month low of $89.54 and a 12 month high of $156.35. The company has a fifty day moving average price of $149.73 and a two-hundred day moving average price of $138.49. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

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

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.98%. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. 3M’s dividend payout ratio is presently 38.68%.

Insider Buying and Selling

In other news, EVP Kevin H. Rhodes sold 6,743 shares of 3M stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the sale, the executive vice president now owns 4,902 shares of the company’s stock, valued at approximately $734,564.70. The trade was a 57.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the transaction, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. 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. Insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on MMM shares. Citigroup lifted their target price on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Saturday, March 22nd. Bank of America boosted their target price on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Barclays increased their price objective on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Finally, Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 price objective on shares of 3M in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, 3M currently has an average rating of “Moderate Buy” and a consensus price target of $149.13.

About 3M

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.