OFI Invest Asset Management Takes $1.84 Million Position in 3M (NYSE:MMM)

OFI Invest Asset Management acquired a new stake in 3M (NYSE:MMM) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 14,770 shares of the conglomerate’s stock, valued at approximately $1,841,000.

A number of other hedge funds have also made changes to their positions in MMM. Financial Life Planners purchased a new position in shares of 3M in the 4th quarter valued at about $25,000. Proficio Capital Partners LLC acquired a new stake in shares of 3M in the 4th quarter valued at about $26,000. FSA Wealth Management LLC acquired a new stake in shares of 3M in the 3rd quarter valued at about $27,000. Daymark Wealth Partners LLC boosted its position in shares of 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 19,552 shares during the period. Finally, ORG Partners LLC boosted its position in shares of 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 98 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

MMM has been the subject of a number of research analyst reports. Citigroup upped their target price on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 price objective on shares of 3M in a research report on Thursday, February 27th. Barclays increased their target price on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Friday. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $149.13.

Insider Activity at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction 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 transaction, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of 3M stock in a transaction on Monday, January 27th. The shares were sold at an average price of $150.25, for a total value of $247,161.25. Following the completion of the transaction, the insider now owns 5,153 shares in the company, valued at $774,238.25. The trade was a 24.20 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is owned by insiders.

3M Stock Performance

3M stock opened at $146.36 on Monday. 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 stock has a fifty day moving average of $144.51 and a two-hundred day moving average of $136.28. The company has a market capitalization of $79.46 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 3.30 and a beta of 0.97. 3M has a fifty-two week low of $78.14 and a fifty-two week high of $156.35.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same quarter last year, the firm earned $2.42 earnings per share. The business’s revenue was down 25.0% on a year-over-year basis. On average, analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors 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 represents a $2.92 dividend on an annualized basis and a yield of 2.00%. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is presently 38.68%.

3M Company 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.