Erste Asset Management GmbH Buys Shares of 7,074 3M (NYSE:MMM)

Erste Asset Management GmbH bought a new stake in 3M (NYSE:MMM) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 7,074 shares of the conglomerate’s stock, valued at approximately $921,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Assetmark Inc. increased its stake in 3M by 51.0% during the third quarter. Assetmark Inc. now owns 651 shares of the conglomerate’s stock worth $89,000 after purchasing an additional 220 shares during the period. Aptus Capital Advisors LLC increased its stake in 3M by 13.7% during the 3rd quarter. Aptus Capital Advisors LLC now owns 5,866 shares of the conglomerate’s stock worth $802,000 after buying an additional 706 shares during the period. Simmons Bank purchased a new stake in 3M during the 3rd quarter worth approximately $263,000. Plato Investment Management Ltd increased its position in shares of 3M by 2.2% during the third quarter. Plato Investment Management Ltd now owns 10,967 shares of the conglomerate’s stock worth $1,498,000 after acquiring an additional 240 shares during the period. Finally, Metis Global Partners LLC increased its position in shares of 3M by 0.5% during the third quarter. Metis Global Partners LLC now owns 25,811 shares of the conglomerate’s stock worth $3,528,000 after acquiring an additional 137 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Activity at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the sale, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Michael F. Roman sold 49,598 shares of 3M stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the completion of the sale, the chairman now directly owns 180,895 shares of the company’s stock, valued at $27,550,308.50. The trade was a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock valued at $17,163,446 over the last quarter. Insiders own 0.38% of the company’s stock.

3M Stock Up 3.1 %

3M stock opened at $150.58 on Friday. The stock has a 50-day simple moving average of $146.42 and a 200-day simple moving average of $136.82. The company has a market capitalization of $81.75 billion, a P/E ratio of 19.94, a PEG ratio of 3.30 and a beta of 0.97. 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 fifty-two week low of $85.62 and a fifty-two week high of $156.35.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating 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 business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same period in the prior year, the company earned $2.42 earnings per share. The company’s revenue was down 25.0% compared to the same quarter last year. Equities research analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a $0.73 dividend. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend was Friday, February 14th. 3M’s dividend payout ratio is currently 38.68%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MMM. Bank of America upped their price objective on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Citigroup upped their price target on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Barclays upped their target price on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Royal Bank of Canada restated an “underperform” rating and set a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Finally, Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $149.13.

3M Company Profile

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.