Aviva PLC Acquires 12,081 Shares of 3M (NYSE:MMM)

Aviva PLC increased its holdings in shares of 3M (NYSE:MMM) by 2.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 564,760 shares of the conglomerate’s stock after purchasing an additional 12,081 shares during the period. Aviva PLC owned approximately 0.10% of 3M worth $72,905,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in MMM. Financial Life Planners acquired a new stake in 3M during the fourth quarter worth about $25,000. Hazlett Burt & Watson Inc. acquired a new position in shares of 3M in the 4th quarter valued at $27,000. Meeder Asset Management Inc. lifted its holdings in shares of 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock worth $40,000 after acquiring an additional 214 shares during the period. ORG Partners LLC increased its stake in 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after acquiring an additional 98 shares during the period. Finally, Catalyst Capital Advisors LLC raised its position in 3M by 81.5% in the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock worth $47,000 after purchasing an additional 163 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Down 9.4 %

Shares of NYSE:MMM opened at $126.62 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 stock has a market cap of $68.29 billion, a price-to-earnings ratio of 16.77, a P/E/G ratio of 3.30 and a beta of 0.97. The company has a 50 day moving average of $149.05 and a 200-day moving average of $138.55. 3M has a one year low of $90.17 and a one year high of $156.35.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business’s quarterly revenue was down 25.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.42 EPS. On average, sell-side analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is currently 38.68%.

Insider Buying and Selling at 3M

In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the sale, the chief accounting officer now owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction 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 completion of the sale, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This trade represents a 90.02 % 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. 0.34% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MMM shares. Citigroup lifted their price objective on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price target on shares of 3M in a research report on Thursday, February 27th. Bank of America increased their target price on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Saturday, March 22nd. Finally, Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $149.13.

3M 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.