D Orazio & Associates Inc. increased its position in 3M (NYSE:MMM – Free Report) by 4.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,323 shares of the conglomerate’s stock after acquiring an additional 106 shares during the quarter. D Orazio & Associates Inc.’s holdings in 3M were worth $300,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MMM. State Street Corp boosted its position in shares of 3M by 1.1% in the third quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock worth $3,717,503,000 after purchasing an additional 302,900 shares during the period. FMR LLC lifted its stake in shares of 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after buying an additional 4,212,409 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in 3M by 1.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock worth $521,596,000 after buying an additional 43,942 shares in the last quarter. National Pension Service raised its holdings in 3M by 14.5% during the third quarter. National Pension Service now owns 1,268,003 shares of the conglomerate’s stock valued at $173,336,000 after acquiring an additional 161,036 shares during the period. Finally, International Assets Investment Management LLC lifted 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 acquiring an additional 1,250,491 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at 3M
In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the sale, the insider now owns 5,024 shares in the company, valued at $750,736.32. This trade represents a 55.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the transaction, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This represents a 90.02 % 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 worth $17,163,446 in the last quarter. 0.34% of the stock is owned by company insiders.
3M Stock Down 1.6 %
3M (NYSE:MMM – Get Free Report) last released its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the previous year, the company earned $2.42 EPS. The firm’s revenue for the quarter was down 25.0% compared to the same quarter last year. On average, sell-side analysts expect that 3M will post 7.8 EPS for the current year.
3M Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.95%. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, February 14th. 3M’s dividend payout ratio is presently 37.09%.
Analyst Upgrades and Downgrades
MMM has been the subject of several research analyst reports. Royal Bank of Canada reiterated an “underperform” rating and set a $96.00 target price on shares of 3M in a research report on Wednesday, January 22nd. Wells Fargo & Company upgraded 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 report on Wednesday, January 22nd. Barclays upped their target price on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Mizuho increased their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, 3M presently has an average rating of “Moderate Buy” and a consensus price target of $148.87.
Read Our Latest Stock Report on 3M
3M 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.
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