3M (NYSE:MMM) Stock Position Lowered by Swiss National Bank

Swiss National Bank lessened its position in 3M (NYSE:MMM) by 5.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,551,939 shares of the conglomerate’s stock after selling 87,400 shares during the period. Swiss National Bank owned approximately 0.29% of 3M worth $200,340,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp grew its holdings in shares of 3M by 1.1% in the 3rd quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock worth $3,717,503,000 after acquiring an additional 302,900 shares during the last quarter. FMR LLC grew its holdings in shares of 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after acquiring an additional 4,212,409 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of 3M by 9.2% in the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after acquiring an additional 479,621 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of 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 acquiring an additional 43,942 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of 3M by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,577,045 shares of the conglomerate’s stock worth $461,761,000 after acquiring an additional 17,228 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on MMM. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Friday, March 7th. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Bank of America upped their price target on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. upped their price target on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Barclays upped their price target on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research note 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 assigned a buy rating to the stock. According to MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and an average price target of $149.13.

3M Stock Down 2.8 %

MMM stock opened at $145.97 on Friday. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The company has a 50-day moving average of $146.01 and a two-hundred day moving average of $136.69. 3M has a 52-week low of $85.48 and a 52-week high of $156.35. The stock has a market capitalization of $79.25 billion, a price-to-earnings ratio of 19.33, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. During the same quarter last year, the company earned $2.42 earnings per share. The firm’s revenue was down 25.0% on a year-over-year basis. As a group, equities research analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.00%. The ex-dividend date was Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is 38.68%.

Insider Buying and Selling

In related news, EVP Victoria Clarke sold 1,750 shares of the 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 completion of the transaction, the executive vice president now owns 194 shares of the company’s stock, valued at $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the transaction, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at $662,329.15. This trade represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 over the last quarter. Corporate insiders own 0.38% of the company’s stock.

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.