3M (NYSE:MMM) Shares Acquired by Truvestments Capital LLC

Truvestments Capital LLC lifted its stake in shares of 3M (NYSE:MMM) by 11.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,759 shares of the conglomerate’s stock after purchasing an additional 2,949 shares during the period. 3M accounts for about 1.0% of Truvestments Capital LLC’s portfolio, making the stock its 16th largest holding. Truvestments Capital LLC’s holdings in 3M were worth $3,842,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the stock. FMR LLC lifted its holdings in 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares during the last quarter. Amundi lifted its holdings in 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after acquiring an additional 898,244 shares during the last quarter. Raymond James Financial Inc. acquired a new position in 3M in the fourth quarter valued at approximately $103,788,000. Jennison Associates LLC acquired a new position in 3M in the third quarter valued at approximately $82,208,000. Finally, Parsifal Capital Management LP lifted its holdings in 3M by 179.0% in the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after acquiring an additional 526,194 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

Shares of MMM opened at $147.74 on Wednesday. The company has a market capitalization of $80.21 billion, a price-to-earnings ratio of 19.57, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. 3M has a fifty-two week low of $81.23 and a fifty-two week high of $156.35. The firm has a 50-day simple moving average of $145.26 and a 200-day simple moving average of $136.53. 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 posted its quarterly earnings results 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. The firm had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same period in the prior year, the company posted $2.42 earnings per share. On average, equities research analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be issued a dividend of $0.73 per share. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Friday, February 14th. 3M’s dividend payout ratio is currently 38.68%.

Insider Buying and Selling

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the 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 transaction, the insider now directly owns 5,024 shares of the company’s stock, 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 filing with the SEC, which is accessible through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the transaction, the executive vice president now directly owns 194 shares of the company’s stock, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 over the last ninety days. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and upped their price objective for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Barclays boosted their target price on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Bank of America boosted their target price on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Finally, Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 target price on shares of 3M in a research report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and an average target price of $149.13.

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.