3M (NYSE:MMM) Stock Position Raised by Intech Investment Management LLC

Intech Investment Management LLC lifted its position in 3M (NYSE:MMM) by 30.4% in the 4th quarter, Holdings Channel reports. The fund owned 87,856 shares of the conglomerate’s stock after buying an additional 20,471 shares during the period. Intech Investment Management LLC’s holdings in 3M were worth $11,341,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Financial Life Planners purchased a new stake in shares of 3M in the 4th quarter valued at approximately $25,000. FSA Wealth Management LLC purchased a new stake in shares of 3M in the 3rd quarter valued at approximately $27,000. True Wealth Design LLC increased its stake in 3M by 2,466.7% in the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after buying an additional 296 shares during the period. ORG Partners LLC increased its stake in 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after buying an additional 98 shares during the period. Finally, Catalyst Capital Advisors LLC increased its stake in 3M by 81.5% in the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock valued at $47,000 after buying an additional 163 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

MMM has been the topic of several research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research note on Friday, March 7th. Barclays upped their price objective on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Bank of America upped their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada restated an “underperform” rating and set a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Two investment 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $149.13.

Insider Activity

In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the transaction, the chief accounting officer now directly owns 4,417 shares in the company, valued at $662,329.15. The trade was a 34.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the business’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $150.25, for a total transaction of $247,161.25. Following the completion of the transaction, the insider now owns 5,153 shares in the company, valued at approximately $774,238.25. This trade represents a 24.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,639 shares of company stock worth $17,163,446. Corporate insiders own 0.34% of the company’s stock.

3M Stock Performance

NYSE MMM opened at $153.31 on Tuesday. 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 firm has a market capitalization of $83.23 billion, a price-to-earnings ratio of 20.31, a P/E/G ratio of 3.30 and a beta of 0.97. The company’s fifty day moving average is $146.89 and its two-hundred day moving average is $137.04. 3M has a 52-week low of $85.62 and a 52-week high of $156.35.

3M (NYSE:MMM) last issued 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 for the quarter, compared to analyst estimates of $5.77 billion. During the same period in the previous year, the business earned $2.42 EPS. The firm’s revenue was down 25.0% on a year-over-year basis. Equities research 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 was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend was Friday, February 14th. 3M’s payout ratio is 38.68%.

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.