3M (NYSE:MMM) Shares Sold by Norden Group LLC

Norden Group LLC reduced its position in 3M (NYSE:MMM) by 19.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,412 shares of the conglomerate’s stock after selling 1,032 shares during the period. Norden Group LLC’s holdings in 3M were worth $482,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC increased its stake in shares of 3M by 2.8% in the 3rd quarter. Commonwealth Equity Services LLC now owns 442,306 shares of the conglomerate’s stock valued at $41,409,000 after purchasing an additional 12,007 shares in the last quarter. Accurate Wealth Management LLC raised its holdings in shares of 3M by 2.4% during the third quarter. Accurate Wealth Management LLC now owns 6,337 shares of the conglomerate’s stock valued at $574,000 after acquiring an additional 146 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in shares of 3M by 6.5% in the third quarter. Robeco Institutional Asset Management B.V. now owns 209,511 shares of the conglomerate’s stock worth $19,614,000 after acquiring an additional 12,812 shares during the last quarter. Mayfair Advisory Group LLC increased its position in shares of 3M by 16.9% during the third quarter. Mayfair Advisory Group LLC now owns 4,296 shares of the conglomerate’s stock worth $389,000 after purchasing an additional 622 shares in the last quarter. Finally, Raymond James & Associates raised its stake in 3M by 1.5% in the 3rd quarter. Raymond James & Associates now owns 787,242 shares of the conglomerate’s stock valued at $73,702,000 after purchasing an additional 11,927 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.38% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MMM. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and upped their price target for the company from $110.00 to $111.00 in a research report on Wednesday. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. Barclays dropped their price target on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research note on Tuesday, April 2nd. Citigroup upped their price objective on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, Bank of America cut their target price on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $104.10.

3M Stock Up 4.7 %

Shares of NYSE MMM opened at $96.51 on Wednesday. The business has a 50-day moving average of $95.82 and a two-hundred day moving average of $97.54. The company has a market capitalization of $53.40 billion, a price-to-earnings ratio of -7.64, a price-to-earnings-growth ratio of 1.75 and a beta of 1.02. 3M has a 1 year low of $71.12 and a 1 year high of $97.84. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. During the same period in the prior year, the business earned $1.97 earnings per share. On average, analysts forecast that 3M will post 8.19 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a dividend of $1.51 per share. The ex-dividend date of this dividend was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.26%. 3M’s dividend payout ratio (DPR) is -47.82%.

3M 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.