Fisher Asset Management LLC Trims Stock Holdings in 3M (NYSE:MMM)

Fisher Asset Management LLC cut its holdings in shares of 3M (NYSE:MMM) by 20.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,124 shares of the conglomerate’s stock after selling 10,827 shares during the period. Fisher Asset Management LLC’s holdings in 3M were worth $4,714,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Robertson Stephens Wealth Management LLC increased its holdings in shares of 3M by 7.3% in the fourth quarter. Robertson Stephens Wealth Management LLC now owns 5,577 shares of the conglomerate’s stock valued at $610,000 after purchasing an additional 378 shares during the period. First Trust Direct Indexing L.P. boosted its holdings in 3M by 12.6% in the 4th quarter. First Trust Direct Indexing L.P. now owns 11,856 shares of the conglomerate’s stock valued at $1,296,000 after purchasing an additional 1,324 shares in the last quarter. Great Valley Advisor Group Inc. increased its position in 3M by 9.7% during the 4th quarter. Great Valley Advisor Group Inc. now owns 18,226 shares of the conglomerate’s stock worth $1,993,000 after purchasing an additional 1,610 shares during the period. New York Life Investment Management LLC raised its stake in shares of 3M by 0.6% during the 4th quarter. New York Life Investment Management LLC now owns 86,554 shares of the conglomerate’s stock worth $9,462,000 after buying an additional 539 shares in the last quarter. Finally, Buckhead Capital Management LLC lifted its holdings in shares of 3M by 11.0% in the 4th quarter. Buckhead Capital Management LLC now owns 21,248 shares of the conglomerate’s stock valued at $2,323,000 after buying an additional 2,110 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MMM has been the topic of a number of recent analyst reports. Wells Fargo & Company dropped their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 24th. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and increased their price target for the company from $110.00 to $111.00 in a report on Wednesday, May 1st. Citigroup boosted their price objective on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. Finally, Royal Bank of Canada upped their price target on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $103.70.

Insider Activity at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.38% of the stock is owned by insiders.

3M Price Performance

NYSE:MMM opened at $95.55 on Wednesday. 3M has a 12-month low of $71.12 and a 12-month high of $99.70. The firm has a market cap of $52.87 billion, a price-to-earnings ratio of -7.51, a price-to-earnings-growth ratio of 1.79 and a beta of 1.00. The company’s 50-day moving average is $96.30 and its two-hundred day moving average is $97.84. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.10 by $0.29. The business had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter in the prior year, the firm posted $1.97 earnings per share. Research analysts expect that 3M will post 7.23 EPS for the current year.

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.