Deseret Mutual Benefit Administrators Increases Stock Holdings in 3M (NYSE:MMM)

Deseret Mutual Benefit Administrators lifted its stake in shares of 3M (NYSE:MMM) by 5.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,475 shares of the conglomerate’s stock after purchasing an additional 529 shares during the quarter. 3M comprises approximately 0.6% of Deseret Mutual Benefit Administrators’ portfolio, making the stock its 27th biggest position. Deseret Mutual Benefit Administrators’ holdings in 3M were worth $1,223,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Foundations Investment Advisors LLC increased its position in 3M by 20.9% during the 3rd quarter. Foundations Investment Advisors LLC now owns 4,195 shares of the conglomerate’s stock worth $573,000 after purchasing an additional 724 shares during the period. McAdam LLC boosted its stake in shares of 3M by 55.7% in the third quarter. McAdam LLC now owns 4,080 shares of the conglomerate’s stock valued at $558,000 after buying an additional 1,460 shares in the last quarter. International Assets Investment Management LLC grew its holdings in 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after acquiring an additional 1,250,491 shares during the period. Grimes & Company Inc. raised its position in 3M by 3.2% in the third quarter. Grimes & Company Inc. now owns 9,023 shares of the conglomerate’s stock worth $1,233,000 after acquiring an additional 276 shares in the last quarter. Finally, IFM Investors Pty Ltd lifted its holdings in 3M by 1.0% in the third quarter. IFM Investors Pty Ltd now owns 113,557 shares of the conglomerate’s stock valued at $15,523,000 after acquiring an additional 1,154 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at 3M

In other 3M news, Chairman Michael F. Roman sold 49,598 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the sale, the chairman now directly owns 180,895 shares of the company’s stock, valued at approximately $27,550,308.50. This trade represents a 21.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s 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 transaction, the insider now directly owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 over the last quarter. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 price target on shares of 3M in a research note on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Citigroup lifted their price target on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Weiss Ratings restated a “hold (c)” rating on shares of 3M in a report on Wednesday. Finally, Bank of America lifted their price objective on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $148.87.

3M Trading Down 2.8 %

3M stock opened at $144.87 on Friday. The stock has a 50-day moving average price of $140.62 and a 200 day moving average price of $134.56. 3M has a 52 week low of $75.40 and a 52 week high of $155.00. The stock has a market cap of $78.65 billion, a PE ratio of 19.19, a P/E/G ratio of 3.32 and a beta of 0.96. 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 issued 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. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company’s quarterly revenue was down 25.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.42 earnings per share. Equities research analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date is Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is currently 38.68%.

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.