New York Life Investment Management LLC Has $9.45 Million Holdings in 3M (NYSE:MMM)

New York Life Investment Management LLC decreased its position in 3M (NYSE:MMM) by 10.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 73,174 shares of the conglomerate’s stock after selling 8,367 shares during the quarter. New York Life Investment Management LLC’s holdings in 3M were worth $9,446,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in MMM. D.A. Davidson & CO. grew its holdings in 3M by 16.2% in the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after buying an additional 20,421 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of 3M by 26.8% in the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after acquiring an additional 178,450 shares in the last quarter. Meyer Handelman Co. increased its position in 3M by 1.4% during the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock worth $25,511,000 after acquiring an additional 2,678 shares during the period. FMR LLC increased its position in 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after acquiring an additional 4,212,409 shares during the period. Finally, USA Financial Formulas acquired a new stake in 3M in the 4th quarter worth about $816,000. Institutional investors own 65.25% of the company’s stock.

Insider Activity at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the transaction, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. This represents a 34.33 % 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 worth $17,163,446 in the last quarter. 0.34% of the stock is owned by insiders.

3M Stock Performance

Shares of 3M stock opened at $150.48 on Friday. The company’s 50 day moving average price is $142.21 and its two-hundred day moving average price is $135.20. The firm has a market capitalization of $81.70 billion, a P/E ratio of 19.93, a P/E/G ratio of 3.30 and a beta of 0.96. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $155.00. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

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

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be paid a $0.73 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.94%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is currently 38.68%.

Analysts Set New Price Targets

A number of brokerages have issued reports on MMM. Royal Bank of Canada restated an “underperform” rating and set a $96.00 target price on shares of 3M in a research report on Thursday. UBS Group raised 3M from a “neutral” rating to a “buy” rating and increased their price target for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Barclays lifted their price objective on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. increased their target price on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a research report on Wednesday, February 19th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $148.87.

About 3M

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.