3M (NYSE:MMM) Shares Acquired by Livforsakringsbolaget Skandia Omsesidigt

Livforsakringsbolaget Skandia Omsesidigt grew its position in 3M (NYSE:MMM) by 4.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,287 shares of the conglomerate’s stock after purchasing an additional 346 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in 3M were worth $906,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of MMM. Moneta Group Investment Advisors LLC increased its holdings in shares of 3M by 73,903.2% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock valued at $798,258,000 after purchasing an additional 6,647,593 shares during the period. Pacer Advisors Inc. grew its holdings in 3M by 1,273.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after acquiring an additional 3,508,334 shares during the period. Norges Bank acquired a new stake in 3M during the fourth quarter worth about $369,974,000. Renaissance Technologies LLC grew its holdings in 3M by 1,889.1% during the first quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock worth $201,971,000 after acquiring an additional 1,288,400 shares during the period. Finally, International Assets Investment Management LLC grew its holdings in 3M by 8,766.0% during the fourth quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock worth $118,168,000 after acquiring an additional 1,068,748 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

MMM has been the topic of several analyst reports. Bank of America dropped their target price on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Citigroup raised their target price on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Royal Bank of Canada dropped their price objective on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a report on Tuesday, April 2nd. Mizuho reissued a “neutral” rating and issued a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. Finally, StockNews.com raised 3M from a “buy” rating to a “strong-buy” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, 3M currently has an average rating of “Hold” and an average price target of $104.00.

3M Stock Performance

NYSE MMM opened at $91.49 on Thursday. The company has a market cap of $50.63 billion, a PE ratio of -7.20, a price-to-earnings-growth ratio of 1.61 and a beta of 1.02. The stock’s 50 day simple moving average is $95.81 and its 200-day simple moving average is $97.26. 3M has a 1-year low of $71.12 and a 1-year high of $95.67. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.11. The business had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.28 earnings per share. As a group, equities research analysts anticipate that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 6.60%. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is -47.82%.

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.