Great Lakes Advisors LLC Sells 51,219 Shares of 3M (NYSE:MMM)

Great Lakes Advisors LLC lowered its position in shares of 3M (NYSE:MMMFree Report) by 61.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,206 shares of the conglomerate’s stock after selling 51,219 shares during the period. Great Lakes Advisors LLC’s holdings in 3M were worth $4,157,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in MMM. FMR LLC increased its position in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares in the last quarter. Amundi increased its position in shares of 3M by 55.7% during the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after acquiring an additional 898,244 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of 3M during the fourth quarter valued at approximately $103,788,000. Jennison Associates LLC bought a new stake in shares of 3M during the third quarter valued at approximately $82,208,000. Finally, Parsifal Capital Management LP grew its position in 3M by 179.0% in the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after purchasing an additional 526,194 shares during the period. Institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of the business’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 directly owns 194 shares in the company, valued at $29,918.68. The trade was a 90.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the sale, the insider now owns 5,024 shares in the company, 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. In the last ninety days, insiders have sold 113,639 shares of company stock worth $17,163,446. Insiders own 0.38% of the company’s stock.

3M Stock Up 3.1 %

MMM opened at $150.58 on Friday. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a fifty-two week low of $85.62 and a fifty-two week high of $156.35. The firm’s fifty day moving average is $146.42 and its 200 day moving average is $136.82. The stock has a market cap of $81.75 billion, a price-to-earnings ratio of 19.94, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMMGet Free Report) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. 3M’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.42 EPS. On average, sell-side analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a $0.73 dividend. 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 yield of 1.94%. The ex-dividend date was Friday, February 14th. 3M’s payout ratio is currently 38.68%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Citigroup lifted their target price 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. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Bank of America lifted 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. lifted 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 lifted 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 research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $149.13.

Get Our Latest Analysis on MMM

About 3M

(Free Report)

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.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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