Shoker Investment Counsel Inc. Grows Stock Position in 3M (NYSE:MMM)

Shoker Investment Counsel Inc. lifted its holdings in 3M (NYSE:MMM) by 0.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 19,038 shares of the conglomerate’s stock after purchasing an additional 103 shares during the period. Shoker Investment Counsel Inc.’s holdings in 3M were worth $2,458,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. State Street Corp raised its position in 3M by 1.1% in the third quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock worth $3,717,503,000 after acquiring an additional 302,900 shares during the period. FMR LLC increased its stake in shares of 3M by 88.7% in the 3rd 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 in the last quarter. Bank of New York Mellon Corp raised its holdings in 3M by 9.2% in the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after purchasing an additional 479,621 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in 3M by 1.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock worth $521,596,000 after purchasing an additional 43,942 shares during the period. Finally, National Pension Service lifted its position in 3M by 20.0% during the fourth quarter. National Pension Service now owns 1,521,626 shares of the conglomerate’s stock valued at $196,427,000 after purchasing an additional 253,623 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

NYSE MMM opened at $150.48 on Friday. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. 3M has a 1-year low of $75.40 and a 1-year high of $155.00. The business has a 50 day simple moving average of $142.21 and a two-hundred day simple moving average of $135.20. The stock has a market capitalization of $81.70 billion, a PE ratio of 19.93, a P/E/G ratio of 3.30 and a beta of 0.96.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating 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 the consensus estimate of $5.77 billion. During the same period in the prior year, the company earned $2.42 EPS. The company’s quarterly revenue was down 25.0% compared to the same quarter last year. On average, research analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be issued a $0.73 dividend. The ex-dividend date is Friday, February 14th. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.94%. 3M’s payout ratio is 38.68%.

Insider Transactions at 3M

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares of the company’s stock, valued at $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Michael F. Roman sold 49,598 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 in the last three months. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MMM shares. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a research note on Wednesday, February 19th. Citigroup upped 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. JPMorgan Chase & Co. increased their price objective 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 shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price target on shares of 3M in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

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.