3M (NYSE:MMM) Position Increased by Biltmore Family Office LLC

Biltmore Family Office LLC raised its stake in 3M (NYSE:MMM) by 2.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,360 shares of the conglomerate’s stock after buying an additional 374 shares during the period. Biltmore Family Office LLC’s holdings in 3M were worth $1,983,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. State Street Corp boosted its holdings in shares of 3M by 1.1% in the third quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock worth $3,717,503,000 after buying an additional 302,900 shares during the period. Geode Capital Management LLC lifted its position in shares of 3M by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock valued at $1,493,655,000 after acquiring an additional 280,048 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in 3M by 9.2% in the 4th 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 during the period. Norges Bank purchased a new position in 3M during the 4th quarter worth approximately $636,767,000. Finally, Charles Schwab Investment Management Inc. raised its stake in 3M by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,577,045 shares of the conglomerate’s stock valued at $461,761,000 after purchasing an additional 17,228 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Up 0.1 %

Shares of NYSE MMM opened at $147.85 on Thursday. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The company has a market cap of $79.74 billion, a price-to-earnings ratio of 19.58, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The firm’s 50-day simple moving average is $149.71 and its 200 day simple moving average is $138.56. 3M has a 12-month low of $89.54 and a 12-month high of $156.35.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. The firm’s revenue was down 25.0% on a year-over-year basis. During the same period last year, the company earned $2.42 EPS. On average, research 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 was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.97%. 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 currently 38.68%.

Wall Street Analyst Weigh In

MMM has been the topic of several recent analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research report on Saturday, March 22nd. Citigroup increased their price target on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Barclays lifted their target price on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 price target 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 assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $149.13.

Insiders Place Their Bets

In related news, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the transaction, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the sale, the insider now owns 5,024 shares in the company, valued at $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 in the last quarter. 0.34% of the stock is currently owned by insiders.

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.