Elo Mutual Pension Insurance Co Trims Stock Holdings in 3M (NYSE:MMM)

Elo Mutual Pension Insurance Co lowered its stake in shares of 3M (NYSE:MMM) by 4.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 50,133 shares of the conglomerate’s stock after selling 2,358 shares during the period. Elo Mutual Pension Insurance Co’s holdings in 3M were worth $6,472,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in MMM. Dynamic Technology Lab Private Ltd bought a new position in 3M in the 3rd quarter worth about $329,000. Brooklyn Investment Group bought a new position in shares of 3M in the third quarter valued at approximately $61,000. Avestar Capital LLC grew its stake in 3M by 10.0% during the third quarter. Avestar Capital LLC now owns 2,787 shares of the conglomerate’s stock valued at $381,000 after acquiring an additional 254 shares in the last quarter. Freedom Investment Management Inc. increased its holdings in 3M by 2.5% during the 3rd quarter. Freedom Investment Management Inc. now owns 9,498 shares of the conglomerate’s stock worth $1,298,000 after acquiring an additional 231 shares during the period. Finally, CreativeOne Wealth LLC lifted its stake in 3M by 52.2% in the 3rd quarter. CreativeOne Wealth LLC now owns 13,433 shares of the conglomerate’s stock worth $1,836,000 after purchasing an additional 4,605 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

3M Price Performance

Shares of NYSE:MMM opened at $148.48 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The stock has a market cap of $80.61 billion, a PE ratio of 19.67, a PEG ratio of 3.30 and a beta of 0.97. The company’s fifty day moving average is $149.52 and its 200 day moving average is $138.06. 3M has a 52 week low of $87.45 and a 52 week high of $156.35.

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

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a $0.73 dividend. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.97%. 3M’s dividend payout ratio (DPR) is currently 38.68%.

Insider Buying and Selling

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at $750,736.32. The trade was a 55.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the sale, the chief accounting officer now owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. This trade represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock valued at $17,163,446 over the last three months. 0.34% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

MMM has been the subject of a number of recent analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Saturday, March 22nd. Citigroup boosted their target price on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. raised their price target on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Wells Fargo & Company raised 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 report on Wednesday, January 22nd. Finally, Barclays raised their target price on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Two equities 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.com, 3M has an average rating of “Moderate Buy” and an average price target of $149.13.

3M 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.