3M (NYSE:MMM) Position Cut by Prudential PLC

Prudential PLC lowered its holdings in shares of 3M (NYSE:MMM) by 12.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,721 shares of the conglomerate’s stock after selling 2,695 shares during the period. Prudential PLC’s holdings in 3M were worth $2,417,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in MMM. Norges Bank bought a new stake in shares of 3M during the fourth quarter valued at about $636,767,000. Amundi raised its position in shares of 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock worth $337,815,000 after buying an additional 898,244 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of 3M by 321.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,097,747 shares of the conglomerate’s stock worth $141,708,000 after acquiring an additional 837,226 shares during the period. Raymond James Financial Inc. bought a new position in shares of 3M in the fourth quarter valued at approximately $103,788,000. Finally, Alliancebernstein L.P. increased its stake in shares of 3M by 26.6% during the fourth quarter. Alliancebernstein L.P. now owns 2,540,883 shares of the conglomerate’s stock valued at $328,003,000 after acquiring an additional 533,753 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

NYSE MMM opened at $126.62 on Monday. The company has a 50 day simple moving average of $149.05 and a 200-day simple moving average of $138.58. 3M has a 52-week low of $90.17 and a 52-week high of $156.35. The firm has a market capitalization of $68.29 billion, a price-to-earnings ratio of 16.77, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating 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 company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same quarter last year, the business posted $2.42 EPS. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. Equities research analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a dividend of $0.73 per share. The ex-dividend date was Friday, February 14th. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.31%. 3M’s dividend payout ratio (DPR) is 38.68%.

Insider Activity

In other news, EVP Kevin H. Rhodes sold 6,743 shares of the stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the transaction, the executive vice president now owns 4,902 shares of the company’s stock, valued at approximately $734,564.70. This represents a 57.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This trade represents a 55.70 % 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 three months. 0.34% of the stock is owned by insiders.

Analysts Set New Price Targets

MMM has been the subject of a number of research reports. JPMorgan Chase & Co. increased their price target on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Saturday, March 22nd. Barclays raised their price objective on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating 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 boosted their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Citigroup lifted their price target on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $149.13.

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.