Chicago Capital LLC Increases Stake in 3M (NYSE:MMM)

Chicago Capital LLC lifted its stake in 3M (NYSE:MMMFree Report) by 14.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,664 shares of the conglomerate’s stock after buying an additional 585 shares during the quarter. Chicago Capital LLC’s holdings in 3M were worth $510,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Moneta Group Investment Advisors LLC increased its stake in 3M by 73,903.2% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock worth $798,258,000 after acquiring an additional 6,647,593 shares during the last quarter. Pacer Advisors Inc. raised its stake in 3M by 1,273.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after purchasing an additional 3,508,334 shares in the last quarter. Norges Bank bought a new position in 3M during the fourth quarter valued at $369,974,000. Renaissance Technologies LLC grew its stake in shares of 3M by 1,889.1% in the 1st quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock worth $201,971,000 after buying an additional 1,288,400 shares in the last quarter. Finally, Morgan Stanley increased its holdings in shares of 3M by 8.3% in the 4th quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock worth $1,291,535,000 after buying an additional 825,223 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Insiders Place Their Bets

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.51% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on MMM. StockNews.com initiated coverage on 3M in a research report on Wednesday, March 27th. They issued a “buy” rating for the company. Mizuho reissued a “neutral” rating and set a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. Wells Fargo & Company dropped their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 24th. Barclays raised shares of 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $111.00 to $126.00 in a research note on Tuesday, March 19th. Finally, Royal Bank of Canada reiterated an “underperform” rating and set a $84.00 price target on shares of 3M in a report on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $107.60.

View Our Latest Analysis on 3M

3M Price Performance

3M stock opened at $91.38 on Monday. The stock has a market cap of $50.57 billion, a price-to-earnings ratio of -8.40, a price-to-earnings-growth ratio of 1.50 and a beta of 1.02. The firm has a 50-day moving average of $96.82 and a two-hundred day moving average of $97.76. 3M has a 1 year low of $85.35 and a 1 year high of $113.14. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

3M (NYSE:MMMGet Free Report) last released its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping the consensus estimate of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The company had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. During the same period last year, the business posted $2.28 EPS. 3M’s quarterly revenue was down 1.1% on a year-over-year basis. On average, research analysts forecast that 3M will post 9.77 earnings per share for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were paid a $1.51 dividend. The ex-dividend date was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.61%. 3M’s dividend payout ratio is -47.82%.

3M Company Profile

(Free Report)

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

Recommended Stories

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M (NYSE:MMMFree Report).

Institutional Ownership by Quarter for 3M (NYSE:MMM)

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.