Parthenon LLC Sells 150 Shares of 3M (NYSE:MMM)

Parthenon LLC lowered its position in shares of 3M (NYSE:MMM) by 1.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,038 shares of the conglomerate’s stock after selling 150 shares during the period. Parthenon LLC’s holdings in 3M were worth $1,038,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. FMR LLC boosted its holdings in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. International Assets Investment Management LLC raised its position in 3M by 11,601.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after purchasing an additional 1,250,491 shares during the last quarter. Jennison Associates LLC purchased a new stake in 3M in the 3rd quarter worth approximately $82,208,000. Parsifal Capital Management LP grew its position in shares of 3M by 179.0% in the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after buying an additional 526,194 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in shares of 3M by 39.1% during the third quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate’s stock valued at $151,002,000 after buying an additional 308,912 shares during the period. Institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on MMM shares. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price target on shares of 3M in a report on Wednesday, January 22nd. Barclays boosted their price target on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. raised their price objective on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Citigroup upped their target price on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Finally, UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and raised their target price for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, 3M has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

3M Stock Up 0.7 %

3M stock opened at $150.11 on Thursday. The firm has a market cap of $81.49 billion, a price-to-earnings ratio of 19.88, a PEG ratio of 3.29 and a beta of 0.96. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a 12 month low of $75.40 and a 12 month high of $155.00. The stock has a fifty day simple moving average of $139.94 and a two-hundred day simple moving average of $134.31.

3M (NYSE:MMM) last announced its quarterly 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. 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 the consensus estimate of $5.77 billion. During the same quarter last year, the firm posted $2.42 EPS. The business’s quarterly revenue was down 25.0% compared to the same quarter last year. Equities analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.73 per share. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 1.95%. 3M’s payout ratio is currently 38.68%.

Insider Activity

In other news, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $150.25, for a total transaction of $247,161.25. Following the sale, the insider now owns 5,153 shares of the company’s stock, valued at $774,238.25. This trade represents a 24.20 % 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 valued at $17,163,446 in the last ninety days. 0.38% of the stock is currently owned by company insiders.

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.