Advisors Asset Management Inc. Has $34.36 Million Stock Position in 3M (NYSE:MMM)

Advisors Asset Management Inc. reduced its position in shares of 3M (NYSE:MMM) by 16.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 266,170 shares of the conglomerate’s stock after selling 53,200 shares during the period. 3M makes up approximately 0.6% of Advisors Asset Management Inc.’s investment portfolio, making the stock its 17th biggest position. Advisors Asset Management Inc.’s holdings in 3M were worth $34,360,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. D.A. Davidson & CO. increased its holdings in shares of 3M by 16.2% during the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock worth $20,004,000 after buying an additional 20,421 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of 3M by 26.8% during the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock worth $114,770,000 after buying an additional 178,450 shares in the last quarter. Meyer Handelman Co. increased its holdings in shares of 3M by 1.4% during the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock worth $25,511,000 after buying an additional 2,678 shares in the last quarter. FMR LLC increased its holdings in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after buying an additional 4,212,409 shares in the last quarter. Finally, USA Financial Formulas bought a new stake in shares of 3M in the fourth quarter worth $816,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the business’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $150.25, for a total value of $247,161.25. Following the transaction, the insider now owns 5,153 shares in the company, valued at approximately $774,238.25. The trade was a 24.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Michael F. Roman sold 49,598 shares of the business’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the completion of the transaction, the chairman now owns 180,895 shares in the company, valued at $27,550,308.50. The trade was a 21.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

MMM has been the topic of several analyst reports. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Citigroup upped their price target on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Barclays upped their price target on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 price target on shares of 3M in a research report on Thursday, February 27th. Finally, JPMorgan Chase & Co. increased their price objective on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and a consensus price target of $149.13.

3M Stock Up 1.9 %

MMM opened at $153.31 on Tuesday. The company has a 50 day moving average of $146.89 and a 200 day moving average of $137.04. The company has a market cap of $83.23 billion, a PE ratio of 20.31, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. 3M has a 12 month low of $85.62 and a 12 month high of $156.35. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $5.77 billion. During the same period last year, the firm earned $2.42 EPS. The business’s quarterly revenue was down 25.0% compared to the same quarter last year. On average, sell-side analysts expect that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is 38.68%.

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.