Geode Capital Management LLC Increases Stake in 3M (NYSE:MMM)

Geode Capital Management LLC grew its position in 3M (NYSE:MMM) by 2.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 11,574,414 shares of the conglomerate’s stock after buying an additional 280,048 shares during the period. Geode Capital Management LLC owned approximately 2.13% of 3M worth $1,493,655,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of 3M in the fourth quarter worth $636,767,000. Amundi increased its holdings in 3M by 55.7% in 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 increased its holdings in 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 buying an additional 837,226 shares in the last quarter. Raymond James Financial Inc. bought a new position in 3M during the 4th quarter valued at about $103,788,000. Finally, Alliancebernstein L.P. boosted its holdings in shares of 3M by 26.6% during the 4th 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 last quarter. Institutional investors own 65.25% of the company’s stock.

Insider Activity at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the transaction, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the sale, the chief accounting officer now owns 4,417 shares in the company, valued at $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,639 shares of company stock valued at $17,163,446. Corporate insiders own 0.34% of the company’s stock.

3M Trading Up 0.6 %

Shares of MMM stock opened at $147.74 on Wednesday. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The stock has a fifty day simple moving average of $149.73 and a two-hundred day simple moving average of $138.49. The firm has a market capitalization of $79.68 billion, a PE ratio of 19.57, a PEG ratio of 3.30 and a beta of 0.97. 3M has a 52-week low of $89.54 and a 52-week high of $156.35.

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

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors 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. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.98%. 3M’s dividend payout ratio is currently 38.68%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Saturday, March 22nd. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Barclays lifted their price objective on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Bank of America raised their target price on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Finally, JPMorgan Chase & Co. upped their price target on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and a consensus target price of $149.13.

About 3M

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.