3M (NYSE:MMM) Shares Purchased by Argyle Capital Management LLC

Argyle Capital Management LLC increased its holdings in 3M (NYSE:MMM) by 0.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 20,448 shares of the conglomerate’s stock after purchasing an additional 183 shares during the quarter. Argyle Capital Management LLC’s holdings in 3M were worth $2,640,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. State Street Corp grew its stake in 3M by 1.1% in the 3rd quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock valued at $3,717,503,000 after acquiring an additional 302,900 shares during the period. FMR LLC grew its position in shares of 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. Bank of New York Mellon Corp increased its stake in shares of 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after purchasing an additional 479,621 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in 3M by 1.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock valued at $521,596,000 after buying an additional 43,942 shares in the last quarter. Finally, National Pension Service boosted its holdings in 3M by 20.0% in the 4th quarter. National Pension Service now owns 1,521,626 shares of the conglomerate’s stock worth $196,427,000 after buying an additional 253,623 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at 3M

In related news, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction 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 sale, the chief accounting officer now owns 4,417 shares in the company, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now owns 194 shares of the company’s stock, valued at $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. 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 quarter. 0.34% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of research analyst reports. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Bank of America upped their target price on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 price target on shares of 3M in a research note on Thursday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a research note on Wednesday, February 19th. Finally, JPMorgan Chase & Co. increased their price objective on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

3M Stock Performance

Shares of 3M stock opened at $150.48 on Friday. The firm has a market cap of $81.70 billion, a PE ratio of 19.93, a price-to-earnings-growth ratio of 3.30 and a beta of 0.96. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 52 week low of $75.40 and a 52 week high of $155.00. The business’s fifty day simple moving average is $142.21 and its 200-day simple moving average is $135.20.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating 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 company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same quarter in the prior year, the company posted $2.42 earnings per share. 3M’s revenue for the quarter was down 25.0% compared to the same quarter last year. Equities analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.94%. The ex-dividend date is Friday, February 14th. This is an increase 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.