O Dell Group LLC Trims Stake in 3M (NYSE:MMM)

by · The Markets Daily

O Dell Group LLC trimmed its holdings in shares of 3M (NYSE:MMM – Free Report) by 7.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,215 shares of the conglomerate’s stock after selling 191 shares during the quarter. O Dell Group LLC’s holdings in 3M were worth $286,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MMM. FMR LLC grew its position in 3M by 88.7% during the third 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 in the last quarter. Amundi lifted its stake in 3M by 55.7% during the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock worth $337,815,000 after purchasing an additional 898,244 shares during the last quarter. Raymond James Financial Inc. bought a new stake in 3M during the fourth quarter worth about $103,788,000. Jennison Associates LLC bought a new stake in 3M during the third quarter worth about $82,208,000. Finally, Parsifal Capital Management LP lifted its stake in 3M by 179.0% during the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after purchasing an additional 526,194 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This represents a 90.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Michael F. Roman sold 49,598 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the transaction, the chairman now owns 180,895 shares in the company, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 113,639 shares of company stock worth $17,163,446. Company insiders own 0.34% of the company’s stock.

3M Trading Up 1.0 %

MMM opened at $147.71 on Tuesday. The business has a 50 day simple moving average of $144.89 and a two-hundred day simple moving average of $136.41. The firm has a market capitalization of $80.19 billion, a price-to-earnings ratio of 19.56, a PEG ratio of 3.30 and a beta of 0.97. 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 has a one year low of $78.14 and a one year high of $156.35.

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

3M Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given a dividend of $0.73 per share. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.98%. 3M’s dividend payout ratio is presently 38.68%.

Analyst Ratings Changes

Several equities research analysts have issued reports on MMM shares. Barclays lifted their price target on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Friday. JPMorgan Chase & Co. lifted their price target on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Finally, Citigroup lifted their price target on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $149.13.

Get Our Latest Research Report on 3M

3M Company Profile

(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.

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