Klingenstein Fields & Co. LP Has $15.64 Million Stock Position in 3M (NYSE:MMM)

Klingenstein Fields & Co. LP cut its stake in shares of 3M (NYSE:MMM) by 0.1% in the 4th quarter, HoldingsChannel reports. The fund owned 121,136 shares of the conglomerate’s stock after selling 90 shares during the quarter. Klingenstein Fields & Co. LP’s holdings in 3M were worth $15,637,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of MMM. FMR LLC lifted its position in 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 acquiring an additional 4,212,409 shares during the last quarter. International Assets Investment Management LLC raised its position 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 valued at $172,416,000 after buying an additional 1,250,491 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of 3M in the third quarter valued at approximately $82,208,000. Parsifal Capital Management LP raised its position 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 valued at $112,107,000 after buying an additional 526,194 shares in the last quarter. Finally, Bank of Montreal Can raised its position 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 valued at $151,002,000 after buying an additional 308,912 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares of the company’s stock, valued at $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the sale, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 over the last three months. Corporate insiders own 0.34% of the company’s stock.

3M Price Performance

MMM stock opened at $148.69 on Friday. The firm has a market cap of $80.73 billion, a price-to-earnings ratio of 19.69, a PEG ratio of 3.37 and a beta of 0.96. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 12-month low of $75.40 and a 12-month high of $155.00. The company’s fifty day simple moving average is $138.19 and its 200 day simple moving average is $133.52.

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. On average, analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.73 per share. The ex-dividend date is Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.96%. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is currently 37.09%.

Wall Street Analyst Weigh In

MMM has been the subject of a number of analyst reports. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research report on Tuesday, October 22nd. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 price objective on shares of 3M in a research note on Wednesday, January 22nd. Citigroup lifted their price objective on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Finally, Mizuho boosted their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

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.