Flossbach Von Storch AG Reduces Stake in 3M (NYSE:MMM)

Flossbach Von Storch AG reduced its stake in shares of 3M (NYSE:MMM) by 9.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,683,781 shares of the conglomerate’s stock after selling 589,710 shares during the quarter. 3M comprises about 2.8% of Flossbach Von Storch AG’s investment portfolio, making the stock its 16th biggest position. Flossbach Von Storch AG owned 1.03% of 3M worth $621,351,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of MMM. Markel Corp grew its holdings in 3M by 6.5% during the 1st quarter. Markel Corp now owns 269,750 shares of the conglomerate’s stock valued at $40,161,000 after purchasing an additional 16,550 shares during the last quarter. Axiom Financial Strategies LLC grew its position in 3M by 5.3% in the 1st quarter. Axiom Financial Strategies LLC now owns 6,513 shares of the conglomerate’s stock valued at $942,000 after acquiring an additional 326 shares during the last quarter. Dakota Wealth Management purchased a new stake in 3M in the first quarter worth $246,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in shares of 3M by 17.6% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,532 shares of the conglomerate’s stock worth $972,000 after purchasing an additional 977 shares during the last quarter. Finally, Covestor Ltd increased its stake in 3M by 73.0% in the 1st quarter. Covestor Ltd now owns 1,275 shares of the conglomerate’s stock worth $190,000 after buying an additional 538 shares during the period. Institutional investors own 65.25% of the company’s stock.

Insider Activity at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of research reports. Bank of America reduced their target price on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 2nd. Royal Bank of Canada dropped their price target on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 2nd. Barclays dropped their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. Citigroup boosted their price target on shares of 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research note on Wednesday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, 3M has an average rating of “Hold” and an average target price of $104.00.

3M Stock Performance

Shares of 3M stock traded down $0.10 during trading on Wednesday, hitting $90.95. 3,420,952 shares of the company’s stock were exchanged, compared to its average volume of 5,937,206. 3M has a 52-week low of $71.12 and a 52-week high of $95.67. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The stock has a market capitalization of $50.33 billion, a price-to-earnings ratio of -7.20, a PEG ratio of 1.61 and a beta of 1.02. The business has a 50-day simple moving average of $95.81 and a 200-day simple moving average of $97.26.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. The firm had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The company’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.28 earnings per share. On average, research analysts forecast that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 6.64%. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is -47.82%.

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.