Kennondale Capital Management LLC Purchases Shares of 19,718 3M (NYSE:MMM)

Kennondale Capital Management LLC purchased a new stake in 3M (NYSE:MMM) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 19,718 shares of the conglomerate’s stock, valued at approximately $2,751,000. 3M makes up about 2.2% of Kennondale Capital Management LLC’s portfolio, making the stock its 6th largest holding.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC raised its holdings in shares of 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after buying an additional 4,212,409 shares in the last quarter. Amundi raised its holdings in shares of 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after buying an additional 898,244 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of 3M during the 4th quarter valued at about $103,788,000. Jennison Associates LLC purchased a new position in shares of 3M during the 3rd quarter valued at about $82,208,000. Finally, Parsifal Capital Management LP raised its holdings in shares of 3M by 179.0% during the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after buying an additional 526,194 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Citigroup raised their price objective on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Royal Bank of Canada restated an “underperform” rating and set a $96.00 price target on shares of 3M in a research report on Thursday, February 27th. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Friday, March 7th. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. raised their price target on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, 3M presently has a consensus rating of “Moderate Buy” and a consensus price target of $149.13.

Insider Activity at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of 3M stock in a transaction on Monday, January 27th. The stock was sold at an average price of $150.25, for a total transaction of $247,161.25. Following the completion of the transaction, the insider now owns 5,153 shares in the company, valued at approximately $774,238.25. The trade was a 24.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now owns 194 shares of the company’s stock, valued at $29,918.68. The trade was a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 over the last ninety days. 0.34% of the stock is owned by corporate insiders.

3M Price Performance

Shares of MMM stock opened at $153.31 on Tuesday. The firm has a market cap of $83.23 billion, a P/E ratio of 20.31, a P/E/G ratio of 3.30 and a beta of 0.97. 3M has a fifty-two week low of $85.62 and a fifty-two week high of $156.35. The business’s 50 day moving average price is $146.89 and its 200-day moving average price is $137.04. 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 (NYSE:MMM) last released its quarterly earnings results 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 company had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same period in the previous year, the company posted $2.42 earnings per share. The firm’s revenue was down 25.0% on a year-over-year basis. On average, equities research analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a dividend of $0.73 per share. The ex-dividend date was Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. 3M’s payout ratio is currently 38.68%.

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.