Gulf International Bank UK Ltd Sells 468 Shares of 3M (NYSE:MMM)

Gulf International Bank UK Ltd reduced its position in 3M (NYSE:MMM) by 1.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 43,184 shares of the conglomerate’s stock after selling 468 shares during the quarter. Gulf International Bank UK Ltd’s holdings in 3M were worth $5,574,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Assenagon Asset Management S.A. grew its holdings in shares of 3M by 8.9% during the third quarter. Assenagon Asset Management S.A. now owns 22,465 shares of the conglomerate’s stock valued at $3,071,000 after buying an additional 1,844 shares during the last quarter. Valmark Advisers Inc. boosted its stake in 3M by 2.9% during the 3rd quarter. Valmark Advisers Inc. now owns 5,263 shares of the conglomerate’s stock valued at $719,000 after purchasing an additional 147 shares during the last quarter. Childress Capital Advisors LLC acquired a new position in 3M during the 3rd quarter valued at about $205,000. New York State Teachers Retirement System increased its holdings in 3M by 2.7% during the 3rd quarter. New York State Teachers Retirement System now owns 503,363 shares of the conglomerate’s stock worth $68,810,000 after purchasing an additional 13,315 shares in the last quarter. Finally, First Trust Direct Indexing L.P. raised its stake in shares of 3M by 9.3% in the third quarter. First Trust Direct Indexing L.P. now owns 13,279 shares of the conglomerate’s stock worth $1,815,000 after purchasing an additional 1,131 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Price Performance

3M stock opened at $150.48 on Friday. The business’s 50 day simple moving average is $142.21 and its 200 day simple moving average is $135.20. 3M has a 12 month low of $75.40 and a 12 month high of $155.00. The company has a market cap of $81.70 billion, a price-to-earnings ratio of 19.93, a PEG ratio of 3.30 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, beating analysts’ consensus estimates 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 analysts’ expectations of $5.77 billion. During the same quarter in the prior year, the firm earned $2.42 EPS. The business’s revenue for the quarter was down 25.0% compared to the same quarter last year. Sell-side analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.94%. 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 (DPR) is currently 38.68%.

Insider Transactions at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the firm’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the completion of the transaction, the insider now owns 5,153 shares in the company, valued at $774,238.25. This trade represents a 24.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now owns 194 shares in the company, valued at approximately $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 113,639 shares of company stock worth $17,163,446 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MMM. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and upped their price target for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Citigroup upped their target price 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. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 price target on shares of 3M in a research report on Thursday. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a research note on Wednesday, February 19th. Two investment 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’s stock. According to data from MarketBeat, the stock currently has an average 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.