Peregrine Asset Advisers Inc. Sells 200 Shares of 3M (NYSE:MMM)

22 Feb 2025, 10:50 by Sarita Garza · The Markets Daily

Peregrine Asset Advisers Inc. reduced its holdings in 3M (NYSE:MMM – Free Report) by 10.7% in the fourth quarter, HoldingsChannel reports. The firm owned 1,667 shares of the conglomerate’s stock after selling 200 shares during the period. Peregrine Asset Advisers Inc.’s holdings in 3M were worth $215,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. FMR LLC grew its position in shares of 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after buying an additional 4,212,409 shares during the period. International Assets Investment Management LLC grew its holdings in 3M by 11,601.2% in the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after purchasing an additional 1,250,491 shares during the period. Jennison Associates LLC bought a new stake in 3M in the third quarter valued at $82,208,000. Parsifal Capital Management LP increased its stake in 3M by 179.0% in the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after purchasing an additional 526,194 shares in the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of 3M by 39.1% during the third quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate’s stock valued at $151,002,000 after purchasing an additional 308,912 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

Shares of MMM stock opened at $144.87 on Friday. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The firm has a 50-day moving average of $140.62 and a 200-day moving average of $134.56. 3M has a one year low of $75.40 and a one year high of $155.00. The company has a market cap of $78.65 billion, a P/E ratio of 19.19, a P/E/G ratio of 3.32 and a beta of 0.96.

3M (NYSE:MMM – Get Free Report) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same quarter last year, the business posted $2.42 EPS. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. Equities research analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be issued a dividend of $0.73 per share. 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 2.02%. The ex-dividend date of this dividend is Friday, February 14th. 3M’s dividend payout ratio (DPR) is 38.68%.

Insiders Place Their Bets

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the transaction, the chief accounting officer now owns 4,417 shares in the company, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,639 shares of company stock valued at $17,163,446. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Royal Bank of Canada restated an “underperform” rating and issued a $96.00 target price on shares of 3M in a research note on Wednesday, January 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a research note on Wednesday. Barclays upped their target price on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Citigroup increased their target price on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Finally, UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and boosted their price target for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $148.87.

Read Our Latest Report on MMM

About 3M

(Free Report)

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.