Financial Counselors Inc. Increases Stake in 3M (NYSE:MMM)

Financial Counselors Inc. boosted its stake in 3M (NYSE:MMM) by 28.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,259 shares of the conglomerate’s stock after buying an additional 6,552 shares during the period. Financial Counselors Inc.’s holdings in 3M were worth $3,777,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. FMR LLC lifted 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 valued at $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. Amundi boosted its holdings in shares of 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after buying an additional 898,244 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of 3M in the 4th quarter worth about $103,788,000. Parsifal Capital Management LP increased its stake in shares of 3M by 179.0% in the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after acquiring an additional 526,194 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in 3M by 9.2% during the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock valued at $734,456,000 after acquiring an additional 479,621 shares during the period. 65.25% of the stock is owned by institutional investors.

3M Stock Performance

Shares of MMM opened at $152.65 on Thursday. The firm has a market capitalization of $82.87 billion, a P/E ratio of 20.22, a PEG ratio of 3.30 and a beta of 0.97. 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 one year low of $86.11 and a one year high of $156.35. The business has a fifty day moving average of $149.34 and a 200 day moving average of $137.99.

3M (NYSE:MMM) last released 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. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business’s revenue for the quarter was down 25.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.42 EPS. As a group, sell-side analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.91%. 3M’s payout ratio is presently 38.68%.

Analyst Ratings Changes

A number of equities analysts have weighed in on MMM shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Saturday, March 22nd. JPMorgan Chase & Co. lifted their price objective on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Bank of America increased their target price on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. Citigroup lifted their price target on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Finally, Barclays increased their price objective on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research 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, 3M has an average rating of “Moderate Buy” and a consensus price target of $149.13.

Insider Transactions at 3M

In related news, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was 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 in the company, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Michael F. Roman sold 49,598 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total transaction 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. The trade was a 21.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock worth $17,163,446 in the last three months. Corporate insiders own 0.34% of the company’s stock.

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.