USS Investment Management Ltd Trims Stake in 3M (NYSE:MMM)

USS Investment Management Ltd lessened its stake in 3M (NYSE:MMM) by 32.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 144,276 shares of the conglomerate’s stock after selling 70,356 shares during the period. USS Investment Management Ltd’s holdings in 3M were worth $18,627,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Financial Life Planners acquired a new stake in 3M during the fourth quarter valued at $25,000. Hazlett Burt & Watson Inc. purchased a new position in shares of 3M in the 4th quarter valued at about $27,000. Meeder Asset Management Inc. raised its holdings in 3M by 230.1% in the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock worth $40,000 after purchasing an additional 214 shares during the period. Catalyst Capital Advisors LLC raised its holdings in 3M by 81.5% in the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock worth $47,000 after purchasing an additional 163 shares during the period. Finally, Greenline Partners LLC purchased a new position in 3M during the fourth quarter worth approximately $50,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

Shares of 3M stock opened at $154.06 on Wednesday. The business’s 50 day moving average price is $141.84 and its 200 day moving average price is $139.76. The company has a market cap of $82.91 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 3.30 and a beta of 1.02. 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 has a one year low of $96.76 and a one year high of $156.35.

3M (NYSE:MMM) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. The business had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. On average, research analysts predict that 3M will post 7.8 EPS for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.90%. 3M’s payout ratio is 36.87%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of recent analyst reports. Bank of America boosted their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a report on Saturday, May 10th. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. JPMorgan Chase & Co. lifted their target price on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Finally, Citigroup reduced their price target on shares of 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $152.08.

Insider Activity

In other news, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the sale, the executive vice president now owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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.