Saratoga Research & Investment Management Lowers Stake in 3M Co (NYSE:MMM)

Saratoga Research & Investment Management lessened its stake in shares of 3M Co (NYSE:MMM) by 5.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 86,945 shares of the conglomerate’s stock after selling 5,464 shares during the quarter. 3M makes up about 1.4% of Saratoga Research & Investment Management’s portfolio, making the stock its 27th biggest position. Saratoga Research & Investment Management’s holdings in 3M were worth $20,464,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MMM. Kopp Investment Advisors LLC grew its position in shares of 3M by 0.4% during the 2nd quarter. Kopp Investment Advisors LLC now owns 5,281 shares of the conglomerate’s stock valued at $1,099,000 after acquiring an additional 20 shares during the period. Capital Advantage Inc. boosted its holdings in 3M by 4.8% in the 2nd quarter. Capital Advantage Inc. now owns 1,816 shares of the conglomerate’s stock worth $378,000 after buying an additional 83 shares during the last quarter. Sandhill Capital Partners LLC boosted its holdings in 3M by 0.5% in the 2nd quarter. Sandhill Capital Partners LLC now owns 16,851 shares of the conglomerate’s stock worth $3,508,000 after buying an additional 88 shares during the last quarter. Heritage Trust Co boosted its holdings in 3M by 3.7% in the 2nd quarter. Heritage Trust Co now owns 2,815 shares of the conglomerate’s stock worth $586,000 after buying an additional 100 shares during the last quarter. Finally, Harfst & Associates Inc. boosted its holdings in 3M by 17.0% in the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock worth $143,000 after buying an additional 100 shares during the last quarter. 66.09% of the stock is currently owned by institutional investors and hedge funds.

Several research analysts have recently weighed in on the company. Vetr upgraded 3M from a “buy” rating to a “strong-buy” rating and set a $254.92 target price on the stock in a report on Monday. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $290.00 price target on the stock in a research report on Tuesday, January 30th. Royal Bank of Canada reaffirmed a “hold” rating and set a $254.00 price target on shares of 3M in a research report on Thursday, January 25th. Hilliard Lyons raised 3M from a “neutral” rating to a “buy” rating and set a $285.00 target price on the stock in a research report on Wednesday, January 24th. Finally, UBS Group started coverage on 3M in a research report on Tuesday, January 23rd. They issued a “neutral” rating and a $262.00 target price on the stock. Three analysts have rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $249.93.

In other 3M news, CFO Nicholas C. Gangestad sold 1,681 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $249.76, for a total value of $419,846.56. Following the completion of the transaction, the chief financial officer now directly owns 23,562 shares of the company’s stock, valued at $5,884,845.12. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Michael F. Roman sold 4,146 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $246.65, for a total transaction of $1,022,610.90. Following the completion of the transaction, the executive vice president now directly owns 16,208 shares of the company’s stock, valued at $3,997,703.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,673 shares of company stock valued at $12,420,577. 0.58% of the stock is currently owned by corporate insiders.

Shares of 3M Co (NYSE MMM) traded up $3.98 during trading hours on Monday, hitting $229.19. 3,290,096 shares of the stock were exchanged, compared to its average volume of 2,700,000. The stock has a market capitalization of $136,510.00, a PE ratio of 28.90, a price-to-earnings-growth ratio of 2.09 and a beta of 1.08. 3M Co has a 1-year low of $178.19 and a 1-year high of $259.77. The company has a quick ratio of 1.33, a current ratio of 1.86 and a debt-to-equity ratio of 1.04.

3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.07. The firm had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $7.85 billion. 3M had a net margin of 15.35% and a return on equity of 48.34%. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.88 earnings per share. equities research analysts forecast that 3M Co will post 10.6 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be issued a dividend of $1.36 per share. This is a boost from 3M’s previous quarterly dividend of $0.01. This represents a $5.44 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Thursday, February 15th. 3M’s dividend payout ratio is currently 59.27%.

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About 3M

3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.

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

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