Hodges Capital Management Inc. Raises Position in 3M (NYSE:MMM)

Hodges Capital Management Inc. lifted its stake in 3M (NYSE:MMM) by 97.9% in the 4th quarter, HoldingsChannel reports. The firm owned 34,853 shares of the conglomerate’s stock after acquiring an additional 17,239 shares during the period. Hodges Capital Management Inc.’s holdings in 3M were worth $4,499,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Financial Life Planners purchased a new stake in 3M in the fourth quarter worth about $25,000. Catalina Capital Group LLC grew its stake in shares of 3M by 12.5% during the 4th quarter. Catalina Capital Group LLC now owns 2,057 shares of the conglomerate’s stock valued at $266,000 after acquiring an additional 229 shares during the period. Chicago Capital LLC increased its holdings in 3M by 4.1% in the 4th quarter. Chicago Capital LLC now owns 5,088 shares of the conglomerate’s stock worth $657,000 after acquiring an additional 200 shares in the last quarter. SkyOak Wealth LLC increased its holdings in 3M by 10.9% in the 4th quarter. SkyOak Wealth LLC now owns 2,084 shares of the conglomerate’s stock worth $269,000 after acquiring an additional 204 shares in the last quarter. Finally, McAdam LLC raised its stake in 3M by 13.6% during the 4th quarter. McAdam LLC now owns 4,635 shares of the conglomerate’s stock worth $598,000 after acquiring an additional 555 shares during the period. 65.25% of the stock is owned by institutional investors.

Insider Transactions at 3M

In other news, Chairman Michael F. Roman sold 49,598 shares of the stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the sale, the chairman now directly owns 180,895 shares in the company, valued at approximately $27,550,308.50. This represents a 21.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the transaction, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 111,889 shares of company stock worth $16,893,561. 0.38% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a report on Tuesday, October 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a report on Saturday, January 18th. Citigroup upped their price objective on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada reissued an “underperform” rating and set a $96.00 target price on shares of 3M in a research note on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $148.87.

3M Trading Down 1.4 %

Shares of MMM opened at $152.26 on Monday. The stock has a market capitalization of $82.92 billion, a PE ratio of 20.17, a P/E/G ratio of 3.37 and a beta of 0.96. The company’s fifty day moving average is $135.21 and its 200 day moving average is $131.26. 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 fifty-two week low of $75.40 and a fifty-two week high of $155.00.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same period in the previous year, the firm posted $2.42 EPS. The business’s quarterly revenue was down 25.0% on a year-over-year basis. Sell-side analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were given 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 1.84%. 3M’s dividend payout ratio is presently 37.09%.

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.