3M (NYSE:MMM) Shares Sold by Plato Investment Management Ltd

Plato Investment Management Ltd trimmed its holdings in 3M (NYSE:MMM) by 19.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,869 shares of the conglomerate’s stock after selling 2,098 shares during the quarter. Plato Investment Management Ltd’s holdings in 3M were worth $1,149,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new stake in shares of 3M in the fourth quarter valued at approximately $5,156,000. Modera Wealth Management LLC boosted its holdings in shares of 3M by 6.7% in the fourth quarter. Modera Wealth Management LLC now owns 9,424 shares of the conglomerate’s stock valued at $1,217,000 after acquiring an additional 593 shares during the period. SRS Capital Advisors Inc. boosted its holdings in shares of 3M by 9.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,310 shares of the conglomerate’s stock valued at $298,000 after acquiring an additional 191 shares during the period. Asahi Life Asset Management CO. LTD. boosted its holdings in shares of 3M by 34.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate’s stock valued at $1,616,000 after acquiring an additional 3,173 shares during the period. Finally, Norden Group LLC boosted its holdings in shares of 3M by 14.0% in the fourth quarter. Norden Group LLC now owns 3,121 shares of the conglomerate’s stock valued at $403,000 after acquiring an additional 384 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Trading Down 1.2 %

NYSE:MMM opened at $153.19 on Tuesday. The stock has a fifty day moving average price of $143.22 and a two-hundred day moving average price of $135.74. The stock has a market capitalization of $83.17 billion, a price-to-earnings ratio of 20.29, a PEG ratio of 3.30 and a beta of 0.96. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a 1 year low of $75.40 and a 1 year high of $156.35.

3M (NYSE:MMM) last released its quarterly earnings data 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 firm had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M’s revenue was down 25.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.42 earnings per share. As a group, sell-side analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be given a $0.73 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.91%. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is currently 38.68%.

Analyst Ratings Changes

Several research firms have recently weighed in on MMM. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a report on Wednesday, February 19th. Bank of America increased their price objective on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. increased their price objective on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Royal Bank of Canada restated an “underperform” rating and set a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Finally, Citigroup upped their price target on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $148.87.

Insider Activity

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was 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 in the company, valued at $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Michael F. Roman sold 49,598 shares of the firm’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the completion of the transaction, the chairman now owns 180,895 shares of the company’s stock, valued at approximately $27,550,308.50. This represents a 21.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 over the last 90 days. 0.34% of the stock is currently owned by corporate 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.