Trust Point Inc. Takes $1.38 Million Position in 3M (NYSE:MMM)

Trust Point Inc. bought a new stake in shares of 3M (NYSE:MMMFree Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 12,602 shares of the conglomerate’s stock, valued at approximately $1,378,000.

A number of other hedge funds have also recently modified their holdings of the business. Moneta Group Investment Advisors LLC boosted its stake in 3M by 73,903.2% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock worth $798,258,000 after purchasing an additional 6,647,593 shares in the last quarter. Pacer Advisors Inc. lifted its stake in 3M by 1,273.9% during the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after acquiring an additional 3,508,334 shares during the period. Norges Bank bought a new position in 3M during the 4th quarter valued at about $369,974,000. Renaissance Technologies LLC increased its position in shares of 3M by 1,889.1% during the 1st quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock valued at $201,971,000 after purchasing an additional 1,288,400 shares during the last quarter. Finally, Morgan Stanley increased its position in shares of 3M by 8.3% during the 4th quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock valued at $1,291,535,000 after purchasing an additional 825,223 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Insider Activity at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.51% of the stock is currently owned by insiders.

3M Stock Down 0.2 %

3M stock traded down $0.20 during midday trading on Wednesday, hitting $92.64. 2,572,196 shares of the company’s stock were exchanged, compared to its average volume of 6,222,554. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. 3M has a 12 month low of $71.12 and a 12 month high of $94.70. The firm has a 50-day moving average of $96.47 and a two-hundred day moving average of $97.62. The company has a market cap of $51.26 billion, a PE ratio of -7.45, a P/E/G ratio of 1.33 and a beta of 1.02.

3M (NYSE:MMMGet Free Report) last released its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The business had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same period last year, the business earned $2.28 EPS. The company’s revenue was down 1.1% compared to the same quarter last year. As a group, analysts expect that 3M will post 9.77 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a $1.51 dividend. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.52%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is presently -47.82%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MMM. Bank of America reduced their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday. Mizuho reissued a “neutral” rating and issued a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Wells Fargo & Company reduced their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, January 24th. Barclays reduced their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, StockNews.com started coverage on shares of 3M in a research report on Wednesday, March 27th. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $104.10.

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3M Profile

(Free Report)

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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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