Bison Wealth LLC Raises Holdings in 3M (NYSE:MMM)

Bison Wealth LLC increased its holdings in 3M (NYSE:MMM) by 12.5% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 3,603 shares of the conglomerate’s stock after acquiring an additional 400 shares during the period. Bison Wealth LLC’s holdings in 3M were worth $394,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC lifted its stake in 3M by 73,903.2% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock worth $798,258,000 after purchasing an additional 6,647,593 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of 3M by 1,273.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after acquiring an additional 3,508,334 shares in the last quarter. Norges Bank purchased a new position in 3M in the fourth quarter valued at $369,974,000. Renaissance Technologies LLC grew its stake in 3M by 1,889.1% during the 1st quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock worth $201,971,000 after purchasing an additional 1,288,400 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its stake in shares of 3M by 8,766.0% in the 4th quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after buying an additional 1,068,748 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Mizuho reiterated a “neutral” rating and issued a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. Royal Bank of Canada decreased their price objective on 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a research note on Tuesday, April 2nd. Wells Fargo & Company decreased their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 24th. Barclays decreased their price objective on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research note on Tuesday, April 2nd. Finally, Citigroup boosted their target price on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $103.50.

3M Trading Down 0.3 %

MMM opened at $91.05 on Wednesday. The firm has a market cap of $50.38 billion, a price-to-earnings ratio of -7.21, a price-to-earnings-growth ratio of 1.61 and a beta of 1.02. 3M has a 52 week low of $71.12 and a 52 week high of $95.67. The business’s 50 day moving average is $95.87 and its two-hundred day moving average is $97.31. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping the consensus estimate of $2.31 by $0.11. The company had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.28 earnings per share. On average, research analysts predict that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a dividend of $1.51 per share. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. This represents a $6.04 annualized dividend and a yield of 6.63%. 3M’s payout ratio is -47.82%.

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.