3M Co (MMM) Holdings Lowered by Forward Management LLC

Forward Management LLC trimmed its stake in shares of 3M Co (NYSE:MMM) by 5.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,311 shares of the conglomerate’s stock after selling 445 shares during the quarter. Forward Management LLC’s holdings in 3M were worth $1,956,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. raised its position in shares of 3M by 4.7% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 3,171,136 shares of the conglomerate’s stock worth $746,391,000 after buying an additional 142,799 shares in the last quarter. New York State Common Retirement Fund raised its position in shares of 3M by 0.5% during the 3rd quarter. New York State Common Retirement Fund now owns 1,700,225 shares of the conglomerate’s stock worth $356,877,000 after buying an additional 8,500 shares in the last quarter. APG Asset Management N.V. raised its position in shares of 3M by 128.1% during the 4th quarter. APG Asset Management N.V. now owns 1,427,350 shares of the conglomerate’s stock worth $279,776,000 after buying an additional 801,639 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of 3M by 0.9% in the 3rd quarter. Rhumbline Advisers now owns 1,124,531 shares of the conglomerate’s stock worth $236,039,000 after purchasing an additional 9,617 shares in the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of 3M by 38.9% in the 4th quarter. Bank of Montreal Can now owns 930,370 shares of the conglomerate’s stock worth $218,981,000 after purchasing an additional 260,349 shares in the last quarter. Institutional investors own 66.09% of the company’s stock.

In related news, EVP Michael F. Roman sold 4,146 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $246.65, for a total transaction of $1,022,610.90. Following the transaction, the executive vice president now directly owns 16,208 shares of the company’s stock, valued at $3,997,703.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Nicholas C. Gangestad sold 1,681 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $249.76, for a total transaction of $419,846.56. Following the transaction, the chief financial officer now directly owns 23,562 shares in the company, valued at $5,884,845.12. The disclosure for this sale can be found here. Insiders have sold 49,673 shares of company stock worth $12,420,577 in the last 90 days. 0.58% of the stock is owned by company insiders.

A number of research firms recently commented on MMM. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $290.00 target price on the stock in a report on Tuesday, January 30th. Royal Bank of Canada reiterated a “hold” rating and issued a $254.00 target price on shares of 3M in a report on Thursday, January 25th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $221.00 target price (up from $208.00) on shares of 3M in a report on Thursday, January 18th. UBS Group began coverage on shares of 3M in a report on Tuesday, January 23rd. They issued a “neutral” rating and a $262.00 target price on the stock. Finally, Hilliard Lyons upgraded shares of 3M from a “neutral” rating to a “buy” rating and set a $285.00 target price on the stock in a report on Wednesday, January 24th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $252.12.

Shares of 3M Co (NYSE:MMM) opened at $232.00 on Thursday. 3M Co has a 1-year low of $180.15 and a 1-year high of $259.77. The company has a current ratio of 1.86, a quick ratio of 1.33 and a debt-to-equity ratio of 1.04. The stock has a market cap of $138,180.00, a P/E ratio of 29.26, a PEG ratio of 2.13 and a beta of 1.08.

3M (NYSE:MMM) last released its quarterly earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.07. 3M had a net margin of 15.35% and a return on equity of 48.34%. The business had revenue of $7.99 billion for the quarter, compared to analyst estimates of $7.85 billion. During the same quarter in the previous year, the business earned $1.88 earnings per share. The firm’s revenue was up 9.0% compared to the same quarter last year. analysts forecast that 3M Co will post 10.6 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be issued a dividend of $1.36 per share. The ex-dividend date is Thursday, February 15th. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.34%. This is a positive change from 3M’s previous quarterly dividend of $0.01. 3M’s payout ratio is currently 59.27%.

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3M Profile

3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.

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

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