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

Guardian Investment Management decreased its holdings in shares of 3M (NYSE:MMM) by 1.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,100 shares of the conglomerate’s stock after selling 150 shares during the period. 3M makes up 1.1% of Guardian Investment Management’s portfolio, making the stock its 21st biggest holding. Guardian Investment Management’s holdings in 3M were worth $1,562,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. D.A. Davidson & CO. raised its holdings in 3M by 16.2% during the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock worth $20,004,000 after buying an additional 20,421 shares during the period. Franklin Resources Inc. increased its position in shares of 3M by 26.8% in the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock worth $114,770,000 after acquiring an additional 178,450 shares in the last quarter. Meyer Handelman Co. raised its holdings in shares of 3M by 1.4% during the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock valued at $25,511,000 after acquiring an additional 2,678 shares during the period. Ballentine Partners LLC lifted its position in shares of 3M by 40.1% in the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock valued at $2,490,000 after acquiring an additional 5,210 shares in the last quarter. Finally, Stonegate Investment Group LLC boosted its stake in 3M by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after purchasing an additional 13,473 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

NYSE MMM opened at $141.02 on Monday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.66. The stock’s 50-day moving average is $131.24 and its two-hundred day moving average is $127.74. The firm has a market cap of $76.80 billion, a P/E ratio of 17.81, a price-to-earnings-growth ratio of 2.01 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm’s revenue was down 24.3% compared to the same quarter last year. During the same period last year, the business earned $2.68 EPS. On average, analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Wall Street Analyst Weigh In

MMM has been the topic of several recent analyst reports. Royal Bank of Canada cut their target price on shares of 3M from $100.00 to $96.00 and set an “underperform” rating on the stock in a research note on Friday, January 3rd. Barclays reduced their price objective on 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. JPMorgan Chase & Co. lowered their target price on 3M from $165.00 to $162.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Mizuho increased their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Finally, UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $144.13.

3M Company 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.