Metis Global Partners LLC Grows Stock Holdings in 3M (NYSE:MMM)

Metis Global Partners LLC lifted its position in shares of 3M (NYSE:MMM) by 2.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,317 shares of the conglomerate’s stock after purchasing an additional 506 shares during the period. Metis Global Partners LLC’s holdings in 3M were worth $3,397,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of MMM. Terril Brothers Inc. acquired a new position in 3M in the fourth quarter valued at $5,225,000. SVB Wealth LLC acquired a new position in shares of 3M during the fourth quarter worth about $2,510,000. Tufton Capital Management increased its stake in shares of 3M by 1.4% during the fourth quarter. Tufton Capital Management now owns 32,091 shares of the conglomerate’s stock worth $4,143,000 after acquiring an additional 454 shares during the period. Pettyjohn Wood & White Inc. increased its stake in shares of 3M by 22.7% during the fourth quarter. Pettyjohn Wood & White Inc. now owns 2,698 shares of the conglomerate’s stock worth $348,000 after acquiring an additional 500 shares during the period. Finally, Argyle Capital Management LLC increased its stake in shares of 3M by 0.9% during the fourth quarter. Argyle Capital Management LLC now owns 20,448 shares of the conglomerate’s stock worth $2,640,000 after acquiring an additional 183 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MMM has been the topic of several recent analyst reports. Royal Bank of Canada restated an “underperform” rating and set a $96.00 target price on shares of 3M in a research report on Thursday. Citigroup increased their target price on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. increased their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Barclays increased their target price on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Finally, Bank of America increased their target price on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $148.87.

Insider Buying and Selling

In other 3M news, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction on 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 in the company, valued at $29,918.68. This trade represents a 90.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the transaction, the chief accounting officer now owns 4,417 shares in the company, 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. Over the last 90 days, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is owned by insiders.

3M Stock Up 3.1 %

MMM stock opened at $155.25 on Friday. The company’s 50 day simple moving average is $142.73 and its 200-day simple moving average is $135.49. The firm has a market capitalization of $84.29 billion, a PE ratio of 20.56, a P/E/G ratio of 3.30 and a beta of 0.96. 3M has a 12 month low of $75.40 and a 12 month high of $155.50. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

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

3M Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be given a dividend of $0.73 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.88%. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is 38.68%.

About 3M

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.