3M (NYSE:MMM) Stake Raised by J.P. Marvel Investment Advisors LLC

J.P. Marvel Investment Advisors LLC raised its position in shares of 3M (NYSE:MMM) by 30.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,471 shares of the conglomerate’s stock after purchasing an additional 15,457 shares during the period. 3M accounts for about 1.4% of J.P. Marvel Investment Advisors LLC’s investment portfolio, making the stock its 21st largest position. J.P. Marvel Investment Advisors LLC’s holdings in 3M were worth $8,581,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. State Street Corp raised its stake in shares of 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 in the last quarter. FMR LLC raised its stake in shares of 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of 3M by 1.2% during 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 purchasing an additional 43,942 shares in the last quarter. National Pension Service raised its stake in shares of 3M by 14.5% during the 3rd quarter. National Pension Service now owns 1,268,003 shares of the conglomerate’s stock worth $173,336,000 after purchasing an additional 161,036 shares in the last quarter. Finally, International Assets Investment Management LLC raised its stake in shares of 3M by 11,601.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after purchasing an additional 1,250,491 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

MMM opened at $148.65 on Friday. 3M has a 12-month low of $75.40 and a 12-month high of $155.00. The firm has a market capitalization of $80.70 billion, a P/E ratio of 19.69, a price-to-earnings-growth ratio of 3.37 and a beta of 0.96. The stock’s 50 day moving average price is $138.80 and its two-hundred day moving average price is $133.79. 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 announced 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 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 quarter last year, the firm earned $2.42 EPS. 3M’s revenue for the quarter was down 25.0% compared to the same quarter last year. On average, equities analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is presently 37.09%.

Analyst Ratings Changes

A number of research analysts have recently commented on MMM shares. JPMorgan Chase & Co. increased their price objective on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Wells Fargo & Company raised 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 report on Wednesday, January 22nd. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 price objective on shares of 3M in a report on Wednesday, January 22nd. Melius raised 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.87.

Insider Transactions at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the firm’s stock in a transaction that occurred 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 $774,238.25. This trade represents a 24.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was 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. This trade represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by corporate 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.