Gabelli Funds LLC Raises Stock Position in 3M (NYSE:MMM)

Gabelli Funds LLC lifted its stake in 3M (NYSE:MMM) by 7.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 3,000 shares of the conglomerate’s stock after acquiring an additional 200 shares during the quarter. Gabelli Funds LLC’s holdings in 3M were worth $387,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Financial Life Planners purchased a new position in 3M during the fourth quarter worth approximately $25,000. Proficio Capital Partners LLC purchased a new position in shares of 3M in the fourth quarter valued at approximately $26,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M in the fourth quarter worth approximately $27,000. Daymark Wealth Partners LLC increased its position in shares of 3M by 9.0% during the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 19,552 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its holdings in 3M by 230.1% in the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock valued at $40,000 after purchasing an additional 214 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Down 0.2 %

3M stock opened at $130.16 on Monday. 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 50 day moving average price of $144.53 and a 200 day moving average price of $138.26. 3M has a fifty-two week low of $90.65 and a fifty-two week high of $156.35. The company has a market capitalization of $70.20 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the previous year, the business earned $2.42 EPS. The company’s quarterly revenue 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 firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.24%. 3M’s dividend payout ratio (DPR) is presently 38.68%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on MMM shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a report on Tuesday, April 8th. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Barclays dropped their price target on 3M from $165.00 to $160.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, Citigroup cut their target price on 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $146.47.

Insider Activity at 3M

In other news, Chairman Michael F. Roman sold 49,598 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the completion of the transaction, the chairman now directly owns 180,895 shares of the company’s stock, valued at approximately $27,550,308.50. The trade was a 21.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the sale, the chief accounting officer now directly owns 4,417 shares in the company, valued at approximately $662,329.15. This trade represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,639 shares of company stock worth $17,163,446. Corporate insiders own 0.48% 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.