3M (NYSE:MMM) Position Boosted by Royal London Asset Management Ltd.

Royal London Asset Management Ltd. lifted its stake in 3M (NYSE:MMM) by 2.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 232,477 shares of the conglomerate’s stock after purchasing an additional 5,109 shares during the quarter. Royal London Asset Management Ltd.’s holdings in 3M were worth $30,010,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in MMM. Financial Life Planners purchased a new stake in shares of 3M in the fourth quarter worth approximately $25,000. Proficio Capital Partners LLC purchased a new stake in shares of 3M in the fourth quarter worth approximately $26,000. FSA Wealth Management LLC purchased a new stake in shares of 3M in the third quarter worth approximately $27,000. Daymark Wealth Partners LLC lifted its position in shares of 3M by 9.0% in the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 19,552 shares in the last quarter. Finally, ORG Partners LLC lifted its position in shares of 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after purchasing an additional 98 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MMM. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research report on Friday, March 7th. JPMorgan Chase & Co. increased their price objective on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Royal Bank of Canada restated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Bank of America increased their price objective on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Finally, Citigroup increased their price objective on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $149.13.

Insider Buying and Selling

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s 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 completion of the transaction, the insider now directly owns 5,024 shares of the company’s stock, valued at $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kevin H. Rhodes sold 6,743 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $149.85, for a total value of $1,010,438.55. Following the completion of the transaction, the executive vice president now directly owns 4,902 shares of the company’s stock, valued at approximately $734,564.70. This trade represents a 57.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 over the last ninety days. 0.34% of the stock is owned by company insiders.

3M Stock Down 1.3 %

MMM opened at $151.16 on Friday. 3M has a 1-year low of $85.62 and a 1-year high of $156.35. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The stock has a market capitalization of $82.06 billion, a price-to-earnings ratio of 20.02, a P/E/G ratio of 3.30 and a beta of 0.97. The business has a 50 day moving average of $147.96 and a 200-day moving average of $137.36.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating 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 company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the prior year, the business earned $2.42 earnings per share. 3M’s revenue for the quarter was down 25.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a $0.73 dividend. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend was Friday, February 14th. 3M’s dividend payout ratio (DPR) is 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.