3M (NYSE:MMM) Shares Sold by Jupiter Asset Management Ltd.

Jupiter Asset Management Ltd. lessened its stake in shares of 3M (NYSE:MMM) by 6.8% during the fourth quarter, Holdings Channel.com reports. The fund owned 705,056 shares of the conglomerate’s stock after selling 51,143 shares during the period. 3M accounts for about 0.9% of Jupiter Asset Management Ltd.’s holdings, making the stock its 13th biggest holding. Jupiter Asset Management Ltd.’s holdings in 3M were worth $91,016,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Financial Life Planners acquired a new position in shares of 3M during the fourth quarter valued at approximately $25,000. Proficio Capital Partners LLC acquired a new position in shares of 3M during the fourth quarter valued at approximately $26,000. FSA Wealth Management LLC acquired a new position in shares of 3M during the third quarter valued at approximately $27,000. Daymark Wealth Partners LLC increased its stake in shares of 3M by 9.0% during the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 19,552 shares during the period. Finally, ORG Partners LLC grew its position in 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after buying an additional 98 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Bank of America lifted their price target on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Wells Fargo & Company upgraded shares of 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 report on Wednesday, January 22nd. Royal Bank of Canada restated an “underperform” rating and issued a $96.00 price target on shares of 3M in a research report on Thursday, February 27th. JPMorgan Chase & Co. lifted their price target on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Finally, UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.13.

Insider Activity

In other news, Chairman Michael F. Roman sold 49,598 shares of the firm’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the transaction, the chairman now owns 180,895 shares in the company, valued at approximately $27,550,308.50. This trade represents a 21.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.38% of the stock is owned by corporate insiders.

3M Trading Up 0.1 %

Shares of NYSE:MMM opened at $147.74 on Wednesday. The firm has a fifty day moving average of $145.26 and a two-hundred day moving average of $136.53. The firm has a market capitalization of $80.21 billion, a P/E ratio of 19.57, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. 3M has a 12-month low of $81.23 and a 12-month 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.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter last year, the business posted $2.42 EPS. On average, equities analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.98%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is currently 38.68%.

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.