Mawer Investment Management Ltd. Lowers Holdings in 3M (NYSE:MMM)


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Mawer Investment Management Ltd. lessened its stake in 3M (NYSE:MMM) by 26.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 149,779 shares of the conglomerate’s stock after selling 54,571 shares during the quarter. Mawer Investment Management Ltd.’s holdings in 3M were worth $26,180,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of MMM. LSV Asset Management raised its position in 3M by 3,127.1% in the 3rd quarter. LSV Asset Management now owns 225,900 shares of the conglomerate’s stock worth $36,184,000 after buying an additional 218,900 shares during the last quarter. Pinnacle Associates Ltd. raised its position in 3M by 20.1% in the 3rd quarter. Pinnacle Associates Ltd. now owns 53,107 shares of the conglomerate’s stock worth $8,507,000 after buying an additional 8,893 shares during the last quarter. Syntal Capital Partners LLC purchased a new position in 3M in the 3rd quarter worth about $212,000. Prestige Wealth Management Group LLC raised its position in 3M by 20.0% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 1,177 shares of the conglomerate’s stock worth $189,000 after buying an additional 196 shares during the last quarter. Finally, Cypress Asset Management Inc. TX raised its position in 3M by 47.1% in the 3rd quarter. Cypress Asset Management Inc. TX now owns 15,977 shares of the conglomerate’s stock worth $2,559,000 after buying an additional 5,115 shares during the last quarter. 64.68% of the stock is owned by hedge funds and other institutional investors.

A number of equities analysts have weighed in on the company. Citigroup boosted their target price on 3M from $185.00 to $188.00 in a research report on Wednesday, January 27th. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $196.00 target price for the company in a research report on Thursday, January 28th. Morgan Stanley boosted their price target on 3M from $176.00 to $188.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 12th. Bank of America downgraded 3M from a “neutral” rating to an “underperform” rating and set a $170.00 price target for the company. in a research note on Thursday, January 7th. Finally, Royal Bank of Canada restated a “hold” rating on shares of 3M in a research note on Sunday, January 24th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $180.23.

In other 3M news, EVP Michael G. Vale sold 30,875 shares of the company’s stock in a transaction that occurred on Friday, January 29th. The stock was sold at an average price of $175.53, for a total value of $5,419,488.75. Following the completion of the transaction, the executive vice president now directly owns 79,155 shares in the company, valued at approximately $13,894,077.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Khandpur K. Ashish sold 5,760 shares of the company’s stock in a transaction that occurred on Thursday, December 17th. The stock was sold at an average price of $176.44, for a total value of $1,016,294.40. Following the completion of the transaction, the executive vice president now owns 21,719 shares of the company’s stock, valued at $3,832,100.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,904 shares of company stock valued at $7,514,868. 0.42% of the stock is currently owned by corporate insiders.

Shares of NYSE:MMM traded down $0.62 during mid-day trading on Tuesday, reaching $175.50. 36,083 shares of the company traded hands, compared to its average volume of 3,009,451. The company’s 50 day moving average price is $173.52 and its 200-day moving average price is $169.25. The firm has a market cap of $101.63 billion, a PE ratio of 20.62, a PEG ratio of 1.85 and a beta of 0.92. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.90 and a quick ratio of 1.37. 3M has a 52 week low of $114.04 and a 52 week high of $187.27.

3M (NYSE:MMM) last announced its quarterly earnings data on Monday, January 25th. The conglomerate reported $2.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.15 by $0.23. The company had revenue of $8.58 billion during the quarter, compared to the consensus estimate of $8.39 billion. 3M had a return on equity of 44.77% and a net margin of 15.65%. The firm’s revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.15 EPS. On average, research analysts predict that 3M will post 8.56 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 12th. Investors of record on Friday, February 12th will be paid a dividend of $1.48 per share. The ex-dividend date of this dividend is Thursday, February 11th. This is an increase from 3M’s previous quarterly dividend of $1.47. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.37%. 3M’s payout ratio is 65.05%.

3M Profile

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

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

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