Swedbank AB Sells 63,876 Shares of 3M (NYSE:MMM)

Swedbank AB lessened its stake in shares of 3M (NYSE:MMM) by 15.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 354,562 shares of the conglomerate’s stock after selling 63,876 shares during the quarter. Swedbank AB’s holdings in 3M were worth $45,770,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MMM. FMR LLC grew its stake in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after buying an additional 4,212,409 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of 3M by 11,601.2% in the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after purchasing an additional 1,250,491 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of 3M in the third quarter worth $82,208,000. Parsifal Capital Management LP grew its stake in shares of 3M by 179.0% in the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after purchasing an additional 526,194 shares during the last quarter. Finally, Bank of Montreal Can grew its stake in shares of 3M by 39.1% in the third quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate’s stock worth $151,002,000 after purchasing an additional 308,912 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of NYSE MMM opened at $151.55 on Thursday. The firm’s 50-day moving average price is $133.72 and its 200-day moving average price is $130.23. 3M has a 1-year low of $75.40 and a 1-year high of $152.96. The firm has a market capitalization of $82.53 billion, a P/E ratio of 20.07, a P/E/G ratio of 2.46 and a beta of 0.95. 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 announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the prior year, the business earned $2.42 earnings per share. The business’s quarterly revenue was down 25.0% compared to the same quarter last year. Equities research analysts anticipate that 3M will post 7.66 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.85%. 3M’s dividend payout ratio is presently 37.09%.

Analyst Ratings Changes

MMM has been the topic of several analyst reports. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research note on Tuesday, October 22nd. Citigroup boosted their price objective on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and upped their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Finally, Bank of America upped their price target on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $148.87.

Insider Buying and Selling

In related news, Chairman Michael F. Roman sold 45,276 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $150.01, for a total value of $6,791,852.76. Following the sale, the chairman now owns 175,718 shares in the company, valued at $26,359,457.18. This represents a 20.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the company’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $150.25, for a total transaction of $247,161.25. Following the completion of the sale, the insider now owns 5,153 shares in the company, valued at $774,238.25. This represents a 24.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 62,291 shares of company stock worth $9,339,786 in the last quarter. Insiders own 0.34% of the company’s stock.

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.