Headinvest LLC Lowers Position in 3M (NYSE:MMM)

Headinvest LLC lessened its position in 3M (NYSE:MMM) by 3.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,130 shares of the conglomerate’s stock after selling 160 shares during the quarter. Headinvest LLC’s holdings in 3M were worth $662,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MMM. Norges Bank bought a new position in 3M during the 4th quarter valued at approximately $636,767,000. Invesco Ltd. increased its position in 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock valued at $576,845,000 after buying an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. bought a new position in 3M during the 4th quarter valued at approximately $175,110,000. Capital World Investors increased its position in 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after buying an additional 1,248,093 shares in the last quarter. Finally, Amundi increased its position in 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after buying an additional 898,244 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Insider Transactions at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the transaction, the executive vice president now directly owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MMM. Citigroup reduced their price objective on 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Bank of America lifted their target price on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a report on Saturday, May 10th. Barclays upped their price objective on 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, April 23rd. Finally, Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $152.08.

3M Stock Performance

NYSE:MMM opened at $149.44 on Thursday. The stock has a 50-day simple moving average of $141.82 and a two-hundred day simple moving average of $139.83. 3M has a 52-week low of $96.76 and a 52-week high of $156.35. 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 $80.42 billion, a PE ratio of 19.79, a P/E/G ratio of 3.30 and a beta of 1.02.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. Analysts forecast that 3M will post 7.8 EPS for the current year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.95%. 3M’s dividend payout ratio (DPR) is 36.87%.

3M Company 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.