3M (NYSE:MMM) Shares Sold by Legal & General Group Plc

Legal & General Group Plc lessened its holdings in shares of 3M (NYSE:MMM) by 26.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,470,490 shares of the conglomerate’s stock after selling 1,217,402 shares during the quarter. Legal & General Group Plc’s holdings in 3M were worth $448,006,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

MMM has been the subject of several research reports. Barclays lifted their price target on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 target price on shares of 3M in a report on Thursday, February 27th. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Saturday, March 22nd. Finally, Citigroup increased their target price on 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 assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $149.13.

3M Stock Up 1.3 %

Shares of MMM opened at $128.61 on Tuesday. The business’s 50 day simple moving average is $148.59 and its 200-day simple moving average is $138.55. 3M has a one year low of $90.17 and a one year high of $156.35. The company has a market capitalization of $69.36 billion, a P/E ratio of 17.03, a PEG 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 announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share 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 company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same period in the previous year, the firm posted $2.42 earnings per share. The company’s revenue was down 25.0% on a year-over-year basis. As a group, sell-side analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date was Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s payout ratio is currently 38.68%.

Insiders Place Their Bets

In related news, Chairman Michael F. Roman sold 49,598 shares of the company’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the completion of the sale, the chairman now owns 180,895 shares in the company, valued at $27,550,308.50. This represents a 21.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the sale, the executive vice president now owns 194 shares of the company’s stock, valued at $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,639 shares of company stock valued at $17,163,446. Company insiders own 0.34% 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.