Korea Investment CORP Cuts Position in 3M (NYSE:MMM)

Korea Investment CORP decreased its position in shares of 3M (NYSE:MMM) by 14.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 385,509 shares of the conglomerate’s stock after selling 66,206 shares during the period. Korea Investment CORP’s holdings in 3M were worth $49,765,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Ausdal Financial Partners Inc. increased its position in shares of 3M by 16.6% during the 4th quarter. Ausdal Financial Partners Inc. now owns 4,450 shares of the conglomerate’s stock valued at $574,000 after purchasing an additional 633 shares during the last quarter. Financial Engines Advisors L.L.C. grew its position in 3M by 204.2% during the fourth quarter. Financial Engines Advisors L.L.C. now owns 6,377 shares of the conglomerate’s stock valued at $823,000 after acquiring an additional 4,281 shares during the last quarter. Financial Counselors Inc. raised its stake in shares of 3M by 28.9% during the fourth quarter. Financial Counselors Inc. now owns 29,259 shares of the conglomerate’s stock worth $3,777,000 after acquiring an additional 6,552 shares in the last quarter. Ariadne Wealth Management LP lifted its holdings in shares of 3M by 5.2% in the 4th quarter. Ariadne Wealth Management LP now owns 2,838 shares of the conglomerate’s stock worth $366,000 after acquiring an additional 141 shares during the last quarter. Finally, Zions Bancorporation N.A. boosted its stake in shares of 3M by 254.0% in the 4th quarter. Zions Bancorporation N.A. now owns 446 shares of the conglomerate’s stock valued at $58,000 after purchasing an additional 320 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Trading Down 2.8 %

NYSE:MMM opened at $148.48 on Friday. 3M has a 12 month low of $87.45 and a 12 month high of $156.35. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company has a 50-day moving average price of $149.52 and a 200-day moving average price of $138.06. The stock has a market cap of $80.61 billion, a price-to-earnings ratio of 19.67, a P/E/G ratio of 3.30 and a beta of 0.97.

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 for the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the previous year, the firm posted $2.42 EPS. The business’s revenue was down 25.0% on a year-over-year basis. Equities analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a $0.73 dividend. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.97%. 3M’s dividend payout ratio is 38.68%.

Analyst Upgrades and Downgrades

MMM has been the subject of several recent research reports. Citigroup boosted their price target on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Bank of America increased their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Finally, Barclays raised their target price on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and an average price target of $149.13.

Insider Buying and Selling at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction that occurred on 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 $750,736.32. This trade represents a 55.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the sale, the chief accounting officer now directly owns 4,417 shares in the company, valued at $662,329.15. This trade represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by company 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.