Metis Global Partners LLC Reduces Holdings in 3M (NYSE:MMM)

Metis Global Partners LLC lowered its position in shares of 3M (NYSE:MMM) by 1.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 27,187 shares of the conglomerate’s stock after selling 540 shares during the period. Metis Global Partners LLC’s holdings in 3M were worth $2,972,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Pacer Advisors Inc. lifted its stake in 3M by 1,273.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after buying an additional 3,508,334 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of 3M by 157.2% in the fourth quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock valued at $197,377,000 after buying an additional 1,103,459 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of 3M by 8,766.0% during the fourth quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock worth $118,168,000 after buying an additional 1,068,748 shares during the period. Van ECK Associates Corp increased its position in 3M by 20.8% in the 3rd quarter. Van ECK Associates Corp now owns 2,944,135 shares of the conglomerate’s stock valued at $275,630,000 after acquiring an additional 506,654 shares during the period. Finally, FMR LLC raised its stake in 3M by 29.8% during the 3rd quarter. FMR LLC now owns 1,908,914 shares of the conglomerate’s stock valued at $178,713,000 after acquiring an additional 438,424 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

3M Trading Down 0.6 %

MMM traded down $0.56 on Monday, reaching $96.59. 3,789,723 shares of the company’s stock were exchanged, compared to its average volume of 5,881,635. 3M has a twelve month low of $71.12 and a twelve month high of $99.70. The company’s 50 day moving average is $96.14 and its 200-day moving average is $97.71. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. The company has a market cap of $53.45 billion, a price-to-earnings ratio of -7.64, a PEG ratio of 1.79 and a beta of 1.00.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The firm had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter in the previous year, the business posted $1.97 EPS. Equities analysts predict that 3M will post 7.23 earnings per share for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 annualized dividend and a yield of 6.25%. 3M’s dividend payout ratio (DPR) is presently -47.48%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MMM shares. UBS Group upped their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Bank of America lowered their target price on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Royal Bank of Canada increased their price target on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday, May 1st. Mizuho reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. Finally, Citigroup increased their price objective on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $103.70.

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.