Metis Global Partners LLC Raises Stock Position in 3M (NYSE:MMM)

Metis Global Partners LLC grew its holdings in 3M (NYSE:MMM) by 2.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 26,317 shares of the conglomerate’s stock after purchasing an additional 506 shares during the quarter. Metis Global Partners LLC’s holdings in 3M were worth $3,397,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Terril Brothers Inc. purchased a new position in shares of 3M in the 4th quarter valued at $5,225,000. SVB Wealth LLC purchased a new position in shares of 3M in the 4th quarter valued at $2,510,000. Tufton Capital Management raised its stake in shares of 3M by 1.4% in the 4th quarter. Tufton Capital Management now owns 32,091 shares of the conglomerate’s stock valued at $4,143,000 after acquiring an additional 454 shares during the period. Pettyjohn Wood & White Inc. raised its stake in shares of 3M by 22.7% in the 4th quarter. Pettyjohn Wood & White Inc. now owns 2,698 shares of the conglomerate’s stock valued at $348,000 after acquiring an additional 500 shares during the period. Finally, Argyle Capital Management LLC raised its stake in shares of 3M by 0.9% in the 4th quarter. Argyle Capital Management LLC now owns 20,448 shares of the conglomerate’s stock valued at $2,640,000 after acquiring an additional 183 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

MMM opened at $155.25 on Friday. 3M has a 1-year low of $75.40 and a 1-year high of $155.50. The company has a 50-day moving average of $142.73 and a 200-day moving average of $135.49. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The company has a market capitalization of $84.29 billion, a P/E ratio of 20.56, a PEG ratio of 3.30 and a beta of 0.96.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating 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 business had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same period in the previous year, the business posted $2.42 EPS. The company’s quarterly revenue was down 25.0% on a year-over-year basis. 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 $0.73 dividend. 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 annualized dividend and a dividend yield of 1.88%. 3M’s payout ratio is 38.68%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Barclays raised their target price on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 price target on shares of 3M in a research note on Thursday. Wells Fargo & Company raised 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 note on Wednesday, January 22nd. Citigroup lifted their price target on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Finally, Bank of America lifted their price target on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. 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 company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $148.87.

Insider Activity

In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the transaction, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at $662,329.15. The trade was a 34.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction dated 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 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 disclosure for this sale can be found here. In the last three months, insiders sold 113,639 shares of company stock valued at $17,163,446. Company insiders own 0.34% of the company’s stock.

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.