Jupiter Asset Management Ltd. Decreases Holdings in 3M (NYSE:MMM)

Jupiter Asset Management Ltd. trimmed its holdings in shares of 3M (NYSE:MMM) by 6.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 705,056 shares of the conglomerate’s stock after selling 51,143 shares during the period. 3M accounts for about 0.9% of Jupiter Asset Management Ltd.’s holdings, making the stock its 13th biggest holding. Jupiter Asset Management Ltd. owned approximately 0.13% of 3M worth $91,016,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp boosted its position in 3M by 1.1% during the 3rd quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock worth $3,717,503,000 after purchasing an additional 302,900 shares during the period. FMR LLC boosted its position in 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. Bank of New York Mellon Corp lifted its holdings in 3M by 9.2% in the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after buying an additional 479,621 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in 3M by 1.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock worth $521,596,000 after buying an additional 43,942 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in 3M by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,577,045 shares of the conglomerate’s stock worth $461,761,000 after buying an additional 17,228 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Price Performance

MMM opened at $147.74 on Wednesday. The firm has a market cap of $80.21 billion, a price-to-earnings ratio of 19.57, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. 3M has a fifty-two week low of $81.23 and a fifty-two week high of $156.35. The company’s 50-day moving average price is $145.26 and its 200 day moving average price is $136.53. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping 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 firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the prior year, the business earned $2.42 earnings per share. 3M’s quarterly revenue was down 25.0% on a year-over-year basis. As a group, sell-side analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given 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 yield of 1.98%. 3M’s dividend payout ratio is 38.68%.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of recent analyst reports. Citigroup boosted their price objective on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. JPMorgan Chase & Co. boosted their price objective on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Finally, Barclays upped their target price 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. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $149.13.

Insiders Place Their Bets

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the transaction, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This represents a 90.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction of $944,098.74. Following the completion of the transaction, 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 90 days, insiders sold 113,639 shares of company stock worth $17,163,446. Insiders own 0.38% of the company’s stock.

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.