Bessemer Group Inc. Purchases 719 Shares of 3M (NYSE:MMM)

Bessemer Group Inc. lifted its position in shares of 3M (NYSE:MMM) by 2.9% in the fourth quarter, HoldingsChannel reports. The fund owned 25,837 shares of the conglomerate’s stock after buying an additional 719 shares during the period. Bessemer Group Inc.’s holdings in 3M were worth $3,335,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Financial Life Planners bought a new stake in 3M during the 4th quarter worth about $25,000. Proficio Capital Partners LLC bought a new stake in shares of 3M during the fourth quarter worth approximately $26,000. Hazlett Burt & Watson Inc. acquired a new position in 3M in the fourth quarter valued at approximately $27,000. Daymark Wealth Partners LLC boosted its stake in 3M by 9.0% in the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 19,552 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its holdings in 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock worth $40,000 after acquiring an additional 214 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Citigroup increased their price target on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. reduced their target price on 3M from $165.00 to $140.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Barclays reduced their price objective on shares of 3M from $165.00 to $160.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $147.13.

Insider Activity at 3M

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the transaction, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,639 shares of company stock valued at $17,163,446. Corporate insiders own 0.34% of the company’s stock.

3M Stock Performance

MMM opened at $135.97 on Friday. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The company has a market capitalization of $73.33 billion, a price-to-earnings ratio of 18.01, a P/E/G ratio of 3.30 and a beta of 1.01. The business’s 50-day moving average price is $146.37 and its two-hundred day moving average price is $138.40. 3M has a 1 year low of $90.17 and a 1 year high of $156.35.

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

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a dividend of $0.73 per share. 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 yield of 2.15%. 3M’s dividend payout ratio is presently 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.