3M (NYSE:MMM) Position Decreased by O Shaughnessy Asset Management LLC

O Shaughnessy Asset Management LLC lowered its holdings in 3M (NYSE:MMM) by 52.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 101,261 shares of the conglomerate’s stock after selling 111,496 shares during the period. O Shaughnessy Asset Management LLC’s holdings in 3M were worth $13,072,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in MMM. Brandywine Global Investment Management LLC purchased a new stake in shares of 3M during the fourth quarter valued at $58,295,000. Physician Wealth Advisors Inc. acquired a new stake in 3M during the 4th quarter worth about $179,000. CIBC Private Wealth Group LLC lifted its stake in 3M by 0.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 272,207 shares of the conglomerate’s stock valued at $36,620,000 after buying an additional 1,457 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of 3M by 321.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,097,747 shares of the conglomerate’s stock worth $141,708,000 after buying an additional 837,226 shares during the period. Finally, Allianz SE acquired a new stake in shares of 3M during the fourth quarter valued at approximately $2,089,000. 65.25% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kevin H. Rhodes sold 6,743 shares of the business’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the transaction, the executive vice president now directly owns 4,902 shares in the company, valued at $734,564.70. This trade represents a 57.90 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by insiders.

3M Stock Performance

MMM opened at $147.03 on Tuesday. The stock has a 50-day moving average of $149.72 and a 200-day moving average of $138.39. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a 52-week low of $88.23 and a 52-week high of $156.35. The company has a market cap of $79.82 billion, a PE ratio of 19.47, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

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

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a dividend of $0.73 per share. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.99%. 3M’s payout ratio is currently 38.68%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on MMM shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Saturday, March 22nd. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. JPMorgan Chase & Co. increased their price objective on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Barclays lifted their target price on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Citigroup increased their price target on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $149.13.

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.