Taylor Cottrill Erickson & Associates Inc. trimmed its position in shares of 3M Co (NYSE:MMM) by 4.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,396 shares of the conglomerate’s stock after selling 1,270 shares during the period. 3M makes up approximately 1.2% of Taylor Cottrill Erickson & Associates Inc.’s investment portfolio, making the stock its 24th largest position. Taylor Cottrill Erickson & Associates Inc.’s holdings in 3M were worth $5,220,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the business. IMS Capital Management bought a new stake in shares of 3M in the 3rd quarter valued at $108,000. Price Capital Management Inc. bought a new stake in shares of 3M in the 3rd quarter valued at $126,000. Psagot Investment House Ltd. bought a new stake in shares of 3M in the 3rd quarter valued at $131,000. Vectors Research Management LLC bought a new stake in shares of 3M in the 3rd quarter valued at $122,000. Finally, Arlington Partners LLC increased its stake in shares of 3M by 177.8% in the 4th quarter. Arlington Partners LLC now owns 625 shares of the conglomerate’s stock valued at $119,000 after acquiring an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 70.67% of the company’s stock.
Shares of NYSE:MMM opened at $206.57 on Wednesday. The company has a current ratio of 1.89, a quick ratio of 1.29 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $115.06 billion, a P/E ratio of 19.75, a P/E/G ratio of 1.84 and a beta of 1.06. 3M Co has a fifty-two week low of $176.87 and a fifty-two week high of $244.86.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 12th. Investors of record on Friday, February 15th will be paid a $1.44 dividend. This is a boost from 3M’s previous quarterly dividend of $1.36. This represents a $5.76 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date is Thursday, February 14th. 3M’s payout ratio is currently 52.01%.
3M declared that its Board of Directors has approved a share repurchase plan on Tuesday, November 13th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the conglomerate to buy up to 8.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
MMM has been the subject of several research reports. Barclays reduced their price target on shares of 3M from $195.00 to $190.00 and set an “underweight” rating for the company in a research report on Monday, November 19th. $1 reissued a “sell” rating on shares of 3M in a research report on Tuesday. Deutsche Bank lifted their price target on shares of 3M from $206.00 to $210.00 and gave the company a “hold” rating in a research report on Friday, November 16th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Wednesday, December 5th. Finally, Royal Bank of Canada reduced their price target on shares of 3M to $223.00 and set an “outperform” rating for the company in a research report on Wednesday, October 24th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $214.57.
In other news, Chairman Inge G. Thulin sold 13,499 shares of the business’s stock in a transaction dated Wednesday, January 30th. The stock was sold at an average price of $200.00, for a total transaction of $2,699,800.00. Following the completion of the transaction, the chairman now owns 230,458 shares of the company’s stock, valued at $46,091,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Nicholas C. Gangestad sold 4,681 shares of the company’s stock in a transaction that occurred on Thursday, February 7th. The stock was sold at an average price of $201.34, for a total value of $942,472.54. Following the completion of the sale, the chief financial officer now directly owns 33,691 shares of the company’s stock, valued at approximately $6,783,345.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,589 shares of company stock worth $10,103,464. Company insiders own 0.72% of the company’s stock.
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3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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