3M (NYSE:MMM) Shares Acquired by WESPAC Advisors LLC

WESPAC Advisors LLC lifted its stake in shares of 3M (NYSE:MMM) by 176.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 11,770 shares of the conglomerate’s stock after purchasing an additional 7,507 shares during the period. 3M accounts for about 1.1% of WESPAC Advisors LLC’s holdings, making the stock its 20th biggest holding. WESPAC Advisors LLC’s holdings in 3M were worth $1,519,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of MMM. FMR LLC grew its holdings in 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after acquiring an additional 4,212,409 shares during the period. International Assets Investment Management LLC boosted its position in shares of 3M by 11,601.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after purchasing an additional 1,250,491 shares in the last quarter. Jennison Associates LLC acquired a new position in shares of 3M in the 3rd quarter worth approximately $82,208,000. Parsifal Capital Management LP raised its holdings in shares of 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 in the last quarter. Finally, Bank of Montreal Can lifted its stake in 3M by 39.1% during the third quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate’s stock valued at $151,002,000 after purchasing an additional 308,912 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on MMM shares. 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 report on Wednesday, January 22nd. Citigroup lifted their target price on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. lifted their target price on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Finally, Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 price target on shares of 3M in a research note on Wednesday, January 22nd. Two equities research 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. According to data from MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and an average target price of $148.87.

3M Stock Performance

Shares of MMM opened at $144.87 on Friday. The company’s 50 day moving average price is $140.62 and its 200 day moving average price is $134.62. 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 52 week low of $75.40 and a 52 week high of $155.00. The company has a market capitalization of $78.65 billion, a PE ratio of 19.19, a PEG ratio of 3.30 and a beta of 0.96.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the previous year, the company posted $2.42 earnings per share. The business’s quarterly revenue was down 25.0% compared to the same quarter last year. Research analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be paid a $0.73 dividend. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.02%. 3M’s payout ratio is presently 38.68%.

Insider Activity at 3M

In other news, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the sale, the chief accounting officer now owns 4,417 shares in the company, valued at approximately $662,329.15. This represents a 34.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by corporate insiders.

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.