ExodusPoint Capital Management LP Sells 106,780 Shares of 3M (NYSE:MMM)

ExodusPoint Capital Management LP reduced its stake in 3M (NYSE:MMM) by 72.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,628 shares of the conglomerate’s stock after selling 106,780 shares during the period. ExodusPoint Capital Management LP’s holdings in 3M were worth $5,374,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Financial Life Planners purchased a new stake in shares of 3M in the fourth quarter valued at approximately $25,000. Proficio Capital Partners LLC purchased a new stake in shares of 3M in the 4th quarter worth $26,000. Hazlett Burt & Watson Inc. bought a new position in shares of 3M during the 4th quarter worth $27,000. Daymark Wealth Partners LLC increased its stake in shares of 3M by 9.0% during the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after buying an additional 19,552 shares during the period. Finally, Meeder Asset Management Inc. lifted its stake in 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock worth $40,000 after acquiring an additional 214 shares during the period. 65.25% of the stock is currently owned by institutional investors.

3M Price Performance

Shares of NYSE MMM opened at $126.62 on Friday. 3M has a 52 week low of $90.17 and a 52 week high of $156.35. The business’s 50 day moving average price is $149.05 and its 200 day moving average price is $138.55. 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 firm has a market cap of $68.29 billion, a P/E ratio of 16.77, a P/E/G ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm’s quarterly revenue was down 25.0% on a year-over-year basis. During the same period in the previous year, the firm posted $2.42 earnings per share. On average, sell-side analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a dividend of $0.73 per share. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 2.31%. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio (DPR) is currently 38.68%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Barclays increased their price objective 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. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their price target on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Bank of America raised their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a report on Saturday, March 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $149.13.

Insider Buying and Selling at 3M

In other 3M news, 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 value of $944,098.74. Following the completion of the transaction, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by company insiders.

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.