3M (NYSE:MMM) Shares Sold by Stifel Financial Corp

Stifel Financial Corp cut its stake in 3M (NYSE:MMM) by 1.1% in the fourth quarter, Holdings Channel reports. The fund owned 487,683 shares of the conglomerate’s stock after selling 5,347 shares during the period. Stifel Financial Corp’s holdings in 3M were worth $62,959,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in 3M during the fourth quarter worth about $636,767,000. Invesco Ltd. increased its holdings in shares of 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock worth $576,845,000 after buying an additional 1,520,619 shares during the last quarter. Capital World Investors increased its holdings in shares of 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after buying an additional 1,248,093 shares during the last quarter. Amundi raised its position 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 during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in 3M by 321.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,097,747 shares of the conglomerate’s stock worth $141,708,000 after acquiring an additional 837,226 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of 3M stock opened at $136.50 on Wednesday. The business has a 50-day simple moving average of $143.82 and a 200-day simple moving average of $138.18. The company has a market cap of $73.62 billion, a PE ratio of 18.08, a P/E/G ratio of 3.30 and a beta of 1.01. 3M has a one year low of $90.65 and a one year high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. On average, equities research analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.14%. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M’s payout ratio is 38.68%.

Insider Transactions at 3M

In other 3M news, EVP Kevin H. Rhodes sold 6,743 shares of the company’s stock in a transaction on Monday, January 27th. The shares were 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 owns 4,902 shares in the company, valued at $734,564.70. This represents a 57.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares of the company’s stock, valued at $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Citigroup reduced their target price on 3M from $152.00 to $142.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. JPMorgan Chase & Co. lowered their target price on shares of 3M from $165.00 to $140.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Bank of America boosted their price target on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Barclays lowered their price objective on shares of 3M from $165.00 to $160.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research report on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus target price of $146.47.

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.