Arrowstreet Capital Limited Partnership Has $141.71 Million Stake in 3M (NYSE:MMM)

Arrowstreet Capital Limited Partnership lifted its position in shares of 3M (NYSE:MMM) by 321.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,097,747 shares of the conglomerate’s stock after buying an additional 837,226 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.20% of 3M worth $141,708,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Financial Life Planners acquired a new position in 3M during the 4th quarter worth approximately $25,000. Proficio Capital Partners LLC bought a new position in 3M in the fourth quarter valued at $26,000. FSA Wealth Management LLC bought a new position in 3M in the third quarter valued at $27,000. Daymark Wealth Partners LLC lifted its position in 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after buying an additional 19,552 shares in the last quarter. Finally, ORG Partners LLC lifted its position in 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after buying an additional 98 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Stock Performance

Shares of NYSE MMM opened at $144.74 on Monday. 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 firm has a market cap of $78.58 billion, a price-to-earnings ratio of 19.17, a P/E/G ratio of 3.30 and a beta of 0.97. The stock’s fifty day moving average price is $149.60 and its two-hundred day moving average price is $138.29. 3M has a one year low of $88.23 and a one year high of $156.35.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping 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 net margin of 15.71% and a return on equity of 100.77%. 3M’s revenue for the quarter was down 25.0% compared to the same quarter last year. During the same period last year, the firm earned $2.42 earnings per share. On average, equities analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date was Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is 38.68%.

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 dated 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 transaction, the chief accounting officer now owns 4,417 shares of the company’s stock, valued at $662,329.15. The trade was a 34.33 % 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, Chairman Michael F. Roman sold 45,276 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $150.01, for a total transaction of $6,791,852.76. Following the sale, the chairman now directly owns 175,718 shares of the company’s stock, valued at $26,359,457.18. This represents a 20.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 in the last three months. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on MMM shares. Barclays lifted their target price on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Citigroup boosted their price target on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a report on Saturday, March 22nd. Finally, Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and a consensus 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.