3M (NYSE:MMM) Stock Position Lessened by Sawyer & Company Inc

Sawyer & Company Inc reduced its holdings in 3M (NYSE:MMM) by 34.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,782 shares of the conglomerate’s stock after selling 1,437 shares during the quarter. Sawyer & Company Inc’s holdings in 3M were worth $359,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of MMM. FMR LLC raised its holdings in 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after acquiring an additional 4,212,409 shares during the period. International Assets Investment Management LLC boosted its position in shares of 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after purchasing an additional 1,250,491 shares in the last quarter. Electron Capital Partners LLC bought a new position in shares of 3M during the 2nd quarter worth approximately $76,732,000. Jennison Associates LLC acquired a new position in 3M during the third quarter worth $82,208,000. Finally, Parsifal Capital Management LP boosted its stake in 3M by 179.0% in the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after purchasing an additional 526,194 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on MMM shares. Royal Bank of Canada lowered their price target on 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a report on Friday, January 3rd. Bank of America upped their target price on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Mizuho boosted their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Wells Fargo & Company raised their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $144.13.

3M Price Performance

MMM opened at $138.07 on Thursday. The business’s fifty day simple moving average is $130.90 and its 200-day simple moving average is $127.12. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The company has a market capitalization of $75.19 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 2.01 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company’s revenue was down 24.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.68 earnings per share. On average, equities research analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.03%. 3M’s payout ratio is 35.35%.

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.