TIAA Trust National Association Grows Position in 3M (NYSE:MMM)

TIAA Trust National Association boosted its stake in 3M (NYSE:MMM) by 2.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 55,071 shares of the conglomerate’s stock after buying an additional 1,061 shares during the period. TIAA Trust National Association’s holdings in 3M were worth $7,109,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of MMM. FMR LLC raised its position in 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. Amundi grew its stake in shares of 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after buying an additional 898,244 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of 3M in the 4th quarter valued at $103,788,000. Parsifal Capital Management LP lifted its stake in 3M by 179.0% during the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after acquiring an additional 526,194 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in 3M by 9.2% during the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock valued at $734,456,000 after acquiring an additional 479,621 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

Shares of 3M stock opened at $153.53 on Wednesday. The firm has a market capitalization of $83.35 billion, a P/E ratio of 20.34, a P/E/G ratio of 3.30 and a beta of 0.97. 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 has a 52 week low of $85.62 and a 52 week high of $156.35. The firm’s 50 day moving average is $149.05 and its two-hundred day moving average is $137.88.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same period last year, the business earned $2.42 EPS. 3M’s revenue for the quarter was down 25.0% compared to the same quarter last year. Research analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a $0.73 dividend. The ex-dividend date was Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.90%. 3M’s dividend payout ratio is 38.68%.

Analysts Set New Price Targets

A number of brokerages have issued reports on MMM. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research note on Saturday. Barclays increased 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. JPMorgan Chase & Co. boosted their price target on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company upgraded 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 research note on Wednesday, January 22nd. Finally, Royal Bank of Canada restated an “underperform” rating and set a $96.00 price target on shares of 3M in a report on Thursday, February 27th. 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, 3M presently has a consensus rating of “Moderate Buy” and an average price target of $149.13.

Insider Buying and Selling

In related news, Chairman Michael F. Roman sold 49,598 shares of the 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 completion of the sale, the chairman now owns 180,895 shares in the company, valued at $27,550,308.50. This represents a 21.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of 3M 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 completion of the transaction, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 in the last quarter. 0.34% of the stock is owned by insiders.

3M Company 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.