ARK Investment Management LLC Decreases Stock Holdings in 3M (NYSE:MMM)

ARK Investment Management LLC lowered its holdings in shares of 3M (NYSE:MMM) by 13.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,590 shares of the conglomerate’s stock after selling 255 shares during the quarter. ARK Investment Management LLC’s holdings in 3M were worth $174,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Financial Freedom LLC bought a new position in shares of 3M during the 4th quarter valued at approximately $25,000. DHJJ Financial Advisors Ltd. bought a new position in shares of 3M during the 3rd quarter valued at approximately $28,000. CGC Financial Services LLC grew its stake in shares of 3M by 89.9% during the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after acquiring an additional 160 shares during the period. Briaud Financial Planning Inc bought a new position in shares of 3M during the 3rd quarter valued at approximately $35,000. Finally, Authentikos Wealth Advisory LLC bought a new position in 3M in the 3rd quarter worth approximately $37,000. 65.25% of the stock is currently owned by institutional investors.

3M Stock Performance

Shares of NYSE MMM opened at $104.61 on Thursday. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The business has a 50-day simple moving average of $96.89 and a two-hundred day simple moving average of $97.74. 3M has a fifty-two week low of $85.35 and a fifty-two week high of $113.14.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.11. The firm had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the business posted $2.28 earnings per share. On average, equities analysts forecast that 3M will post 9.77 EPS for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a $1.51 dividend. The ex-dividend date was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a dividend yield of 5.77%. 3M’s payout ratio is -47.82%.

Analysts Set New Price Targets

MMM has been the subject of several recent analyst reports. Royal Bank of Canada restated an “underperform” rating and issued a $84.00 price target on shares of 3M in a research note on Wednesday, March 20th. Wells Fargo & Company dropped their price target on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 24th. Barclays upgraded 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $111.00 to $126.00 in a research report on Tuesday, March 19th. Citigroup lowered their target price on 3M from $117.00 to $104.00 and set a “neutral” rating for the company in a research report on Wednesday, January 24th. Finally, StockNews.com assumed coverage on 3M in a research report on Wednesday. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $107.60.

Insider Activity

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.34% of the company’s stock.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.