3M Co (MMM) Shares Sold by Forward Management LLC

Forward Management LLC cut its stake in shares of 3M Co (NYSE:MMM) by 5.1% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,311 shares of the conglomerate’s stock after selling 445 shares during the period. Forward Management LLC’s holdings in 3M were worth $1,956,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Advisor Partners LLC grew its position in 3M by 4.6% in the third quarter. Advisor Partners LLC now owns 17,127 shares of the conglomerate’s stock worth $3,595,000 after acquiring an additional 747 shares in the last quarter. Griffin Asset Management Inc. grew its position in 3M by 51.7% in the third quarter. Griffin Asset Management Inc. now owns 27,576 shares of the conglomerate’s stock worth $5,788,000 after acquiring an additional 9,394 shares in the last quarter. Leith Wheeler Investment Counsel Ltd. bought a new stake in 3M in the fourth quarter worth approximately $254,000. Aperio Group LLC grew its position in 3M by 6.8% in the third quarter. Aperio Group LLC now owns 559,122 shares of the conglomerate’s stock worth $117,360,000 after acquiring an additional 35,815 shares in the last quarter. Finally, Mizuho Securities USA LLC grew its position in 3M by 20.9% in the fourth quarter. Mizuho Securities USA LLC now owns 18,506 shares of the conglomerate’s stock worth $4,356,000 after acquiring an additional 3,199 shares in the last quarter. 66.09% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms have commented on MMM. Deutsche Bank raised shares of 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $240.00 to $275.00 in a research report on Tuesday. Vetr raised shares of 3M from a “buy” rating to a “strong-buy” rating and set a $254.92 target price for the company in a research report on Monday. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $290.00 target price for the company in a research report on Tuesday, January 30th. Royal Bank of Canada reissued a “hold” rating and issued a $254.00 target price on shares of 3M in a research report on Thursday, January 25th. Finally, Hilliard Lyons raised shares of 3M from a “neutral” rating to a “buy” rating and set a $285.00 target price for the company in a research report on Wednesday, January 24th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $252.12.

In related news, insider Hak Cheol Shin sold 8,385 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $247.20, for a total transaction of $2,072,772.00. Following the completion of the transaction, the insider now directly owns 120,105 shares in the company, valued at approximately $29,689,956. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Inge G. Thulin sold 35,236 shares of the company’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $251.14, for a total transaction of $8,849,169.04. Following the transaction, the chairman now owns 253,873 shares of the company’s stock, valued at $63,757,665.22. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,673 shares of company stock valued at $12,420,577. 0.58% of the stock is owned by insiders.

Shares of 3M Co (MMM) opened at $232.00 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.33 and a current ratio of 1.86. The stock has a market cap of $138,180.00, a price-to-earnings ratio of 29.26, a P/E/G ratio of 2.13 and a beta of 1.08. 3M Co has a 1-year low of $180.15 and a 1-year high of $259.77.

3M (NYSE:MMM) last posted its quarterly earnings data on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.07. The business had revenue of $7.99 billion during the quarter, compared to the consensus estimate of $7.85 billion. 3M had a net margin of 15.35% and a return on equity of 48.34%. 3M’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.88 EPS. analysts anticipate that 3M Co will post 10.6 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be issued a dividend of $1.36 per share. This is an increase from 3M’s previous quarterly dividend of $0.01. This represents a $5.44 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Thursday, February 15th. 3M’s dividend payout ratio is currently 59.27%.

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About 3M

3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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