Schonfeld Strategic Advisors LLC Has $31.10 Million Stake in 3M (NYSE:MMM)

Schonfeld Strategic Advisors LLC lowered its stake in 3M (NYSE:MMM) by 26.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 240,877 shares of the conglomerate’s stock after selling 84,733 shares during the period. Schonfeld Strategic Advisors LLC’s holdings in 3M were worth $31,095,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Investors Asset Management of Georgia Inc. GA ADV lifted its position in shares of 3M by 1.3% in the fourth quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate’s stock worth $694,000 after buying an additional 67 shares during the last quarter. Parkside Financial Bank & Trust lifted its position in shares of 3M by 1.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate’s stock worth $665,000 after purchasing an additional 70 shares during the last quarter. LaSalle St. Investment Advisors LLC lifted its position in shares of 3M by 2.5% during the 4th quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate’s stock worth $381,000 after purchasing an additional 71 shares during the last quarter. Gilbert & Cook Inc. lifted its position in shares of 3M by 1.5% during the 4th quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate’s stock worth $659,000 after purchasing an additional 73 shares during the last quarter. Finally, Childress Capital Advisors LLC lifted its position in shares of 3M by 5.1% during the 4th quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate’s stock worth $203,000 after purchasing an additional 76 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Up 0.4 %

MMM stock opened at $137.88 on Tuesday. The business has a fifty day moving average price of $142.90 and a 200 day moving average price of $138.29. 3M has a fifty-two week low of $91.56 and a fifty-two week high of $156.35. The stock has a market capitalization of $74.20 billion, a price-to-earnings ratio of 18.26, a P/E/G ratio of 3.30 and a beta of 1.01. 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 results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $5.80 billion during the quarter, compared to analysts’ expectations of $5.78 billion. Analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 2.12%. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio (DPR) is 36.87%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Barclays boosted their price objective on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a report on Thursday, April 24th. Citigroup cut their price target on 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Finally, Bank of America upped their price target on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $147.00.

Insider Activity

In related news, Chairman Michael F. Roman sold 49,598 shares of 3M stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the completion of the sale, the chairman now directly owns 180,895 shares of the company’s stock, valued at $27,550,308.50. The trade was a 21.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the transaction, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. The trade was a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

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.