3M (NYSE:MMM) Shares Acquired by Mizuho Securities USA LLC

Mizuho Securities USA LLC grew its stake in 3M (NYSE:MMM) by 44.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 51,612 shares of the conglomerate’s stock after purchasing an additional 15,989 shares during the period. Mizuho Securities USA LLC’s holdings in 3M were worth $6,663,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Sciencast Management LP increased its holdings in shares of 3M by 165.2% in the fourth quarter. Sciencast Management LP now owns 13,616 shares of the conglomerate’s stock valued at $1,758,000 after purchasing an additional 8,482 shares during the period. Wayfinding Financial LLC acquired a new position in shares of 3M in the fourth quarter valued at approximately $851,000. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of 3M by 1.5% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 35,356 shares of the conglomerate’s stock valued at $4,564,000 after buying an additional 534 shares in the last quarter. iA Global Asset Management Inc. boosted its stake in shares of 3M by 1,468.3% in the fourth quarter. iA Global Asset Management Inc. now owns 55,250 shares of the conglomerate’s stock valued at $7,132,000 after buying an additional 51,727 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in shares of 3M by 59.8% in the fourth quarter. Teacher Retirement System of Texas now owns 747,954 shares of the conglomerate’s stock valued at $96,553,000 after buying an additional 280,015 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the topic of a number of analyst reports. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Royal Bank of Canada restated an “underperform” rating and issued a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Citigroup lifted their price target on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. lifted their price target on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Barclays boosted their target price on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Two equities research 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 MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and a consensus target price of $149.13.

3M Stock Down 0.6 %

Shares of NYSE:MMM opened at $150.35 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 52-week low of $85.62 and a 52-week high of $156.35. The stock’s fifty day simple moving average is $148.35 and its 200-day simple moving average is $137.52. The company has a market capitalization of $81.63 billion, a P/E ratio of 19.91, a P/E/G ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. The business had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business’s revenue was down 25.0% on a year-over-year basis. During the same period in the prior year, the business earned $2.42 earnings per share. As a group, equities research analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were paid a $0.73 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.94%. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio is presently 38.68%.

Insider Activity at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the transaction, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now owns 194 shares of the company’s stock, valued at $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is currently owned by insiders.

About 3M

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.