3M (NYSE:MMM) Shares Bought by TIAA Trust National Association

TIAA Trust National Association raised its stake in shares of 3M (NYSE:MMM) by 2.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,071 shares of the conglomerate’s stock after purchasing an additional 1,061 shares during the quarter. TIAA Trust National Association’s holdings in 3M were worth $7,109,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in MMM. Wayfinding Financial LLC purchased a new position in 3M in the 4th quarter worth $851,000. D.A. Davidson & CO. raised its stake in shares of 3M by 16.2% in the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock worth $20,004,000 after purchasing an additional 20,421 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of 3M by 26.8% during the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock worth $114,770,000 after purchasing an additional 178,450 shares during the period. Meyer Handelman Co. boosted its position in 3M by 1.4% in the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock valued at $25,511,000 after buying an additional 2,678 shares during the last quarter. Finally, FMR LLC increased its holdings in 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after buying an additional 4,212,409 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on MMM. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Bank of America increased their price target on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a report on Saturday. JPMorgan Chase & Co. raised 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. Finally, Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 price target on shares of 3M in a report on Thursday, February 27th. 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 company. According to data from MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

3M Stock Up 0.2 %

MMM stock opened at $153.53 on Wednesday. 3M has a 52 week low of $85.62 and a 52 week high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The firm has a 50-day simple moving average of $149.05 and a 200-day simple moving average of $137.88. The stock has a market capitalization of $83.35 billion, a P/E ratio of 20.34, a P/E/G ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last announced 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. The business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business’s revenue was down 25.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.42 earnings per share. Equities analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.90%. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. 3M’s dividend payout ratio is 38.68%.

Insider Transactions at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the business’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $150.25, for a total transaction of $247,161.25. Following the transaction, the insider now owns 5,153 shares of the company’s stock, valued at approximately $774,238.25. The trade was a 24.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was 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 of the company’s stock, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,639 shares of company stock valued at $17,163,446. Corporate insiders own 0.34% of the company’s stock.

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.