Ceera Investments LLC Sells 1,174 Shares of 3M (NYSE:MMM)

Ceera Investments LLC reduced its holdings in 3M (NYSE:MMM) by 11.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,948 shares of the conglomerate’s stock after selling 1,174 shares during the quarter. Ceera Investments LLC’s holdings in 3M were worth $1,155,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in MMM. FMR LLC boosted its position in 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the last quarter. Amundi boosted its position in 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock worth $337,815,000 after purchasing an additional 898,244 shares during the last quarter. Raymond James Financial Inc. purchased a new position in 3M in the fourth quarter worth $103,788,000. Jennison Associates LLC purchased a new position in 3M in the third quarter worth $82,208,000. Finally, Parsifal Capital Management LP boosted its position in 3M by 179.0% in the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after purchasing an additional 526,194 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Stock Performance

NYSE:MMM opened at $146.36 on Friday. 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 52-week low of $78.14 and a 52-week high of $156.35. The firm has a market cap of $79.46 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 3.30 and a beta of 0.97. The business’s fifty day moving average is $144.51 and its 200 day moving average is $136.23.

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, beating analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm’s revenue for the quarter was down 25.0% compared to the same quarter last year. During the same period in the previous year, the company posted $2.42 EPS. Research analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be paid a $0.73 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Friday, February 14th. 3M’s dividend payout ratio is currently 38.68%.

Analyst Ratings Changes

Several research firms have weighed in on MMM. Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 price objective on shares of 3M in a research report on Thursday, February 27th. JPMorgan Chase & Co. boosted their price objective on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research report on Friday. Bank of America upped their price target on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday. Finally, UBS Group raised 3M from a “neutral” rating to a “buy” rating and upped their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $149.13.

Insiders Place Their Bets

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the transaction, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $150.25, for a total value of $247,161.25. Following the transaction, the insider now owns 5,153 shares in the company, valued at $774,238.25. This trade represents a 24.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 in the last ninety days. 0.34% of the stock is currently owned by 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.