3M Co (MMM) Shares Sold by Parametrica Management Ltd
Parametrica Management Ltd decreased its position in shares of 3M Co (NYSE:MMM) by 27.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,621 shares of the conglomerate’s stock after selling 620 shares during the period. Parametrica Management Ltd’s holdings in 3M were worth $382,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of the business. Schwab Charles Investment Management Inc. grew its holdings in shares of 3M by 4.7% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 3,171,136 shares of the conglomerate’s stock worth $746,391,000 after acquiring an additional 142,799 shares during the period. New York State Common Retirement Fund grew its holdings in shares of 3M by 0.5% during the 3rd quarter. New York State Common Retirement Fund now owns 1,700,225 shares of the conglomerate’s stock worth $356,877,000 after acquiring an additional 8,500 shares during the period. APG Asset Management N.V. grew its holdings in shares of 3M by 128.1% during the 4th quarter. APG Asset Management N.V. now owns 1,427,350 shares of the conglomerate’s stock worth $279,776,000 after acquiring an additional 801,639 shares during the period. Rhumbline Advisers grew its holdings in shares of 3M by 0.9% during the 3rd quarter. Rhumbline Advisers now owns 1,124,531 shares of the conglomerate’s stock worth $236,039,000 after acquiring an additional 9,617 shares during the period. Finally, Bank of Montreal Can grew its holdings in shares of 3M by 38.9% during the 4th quarter. Bank of Montreal Can now owns 930,370 shares of the conglomerate’s stock worth $218,981,000 after acquiring an additional 260,349 shares during the period. Hedge funds and other institutional investors own 66.38% of the company’s stock.
Shares of 3M Co (MMM) opened at $225.21 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.33 and a current ratio of 1.86. 3M Co has a 52 week low of $176.87 and a 52 week high of $259.77. The company has a market capitalization of $134,112.56, a price-to-earnings ratio of 24.56, a price-to-earnings-growth ratio of 2.09 and a beta of 1.08.
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be paid a dividend of $1.36 per share. This represents a $5.44 annualized dividend and a yield of 2.42%. This is an increase from 3M’s previous quarterly dividend of $0.01. The ex-dividend date is Thursday, February 15th. 3M’s dividend payout ratio (DPR) is currently 59.34%.
In other 3M news, Chairman Inge G. Thulin sold 35,236 shares of the stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $251.14, for a total transaction of $8,849,169.04. Following the sale, the chairman now directly owns 253,873 shares in the company, valued at approximately $63,757,665.22. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Michael F. Roman sold 4,146 shares of the stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $246.65, for a total value of $1,022,610.90. Following the sale, the executive vice president now owns 16,208 shares in the company, valued at $3,997,703.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,673 shares of company stock worth $12,420,577. Company insiders own 0.58% of the company’s stock.
A number of research analysts have weighed in on MMM shares. Goldman Sachs Group upgraded 3M from a “sell” rating to a “neutral” rating and upped their target price for the stock from $194.00 to $229.00 in a report on Wednesday, October 25th. Stifel Nicolaus upped their price target on 3M from $220.00 to $244.00 and gave the stock a “hold” rating in a research note on Wednesday, October 25th. Royal Bank of Canada upped their price target on 3M from $205.00 to $209.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 25th. Argus upped their price target on 3M from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. They noted that the move was a valuation call. Finally, Credit Suisse Group restated an “outperform” rating and issued a $260.00 price target (up previously from $238.00) on shares of 3M in a research note on Wednesday, October 25th. Three analysts have rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. 3M has a consensus rating of “Hold” and an average price target of $249.93.
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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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