Skba Capital Management LLC Grows Position in 3M (NYSE:MMM)

Skba Capital Management LLC grew its position in shares of 3M (NYSE:MMM) by 1.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,620 shares of the conglomerate’s stock after purchasing an additional 1,450 shares during the quarter. 3M makes up about 2.0% of Skba Capital Management LLC’s portfolio, making the stock its 15th biggest holding. Skba Capital Management LLC’s holdings in 3M were worth $12,731,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in 3M in the fourth quarter valued at $636,767,000. Amundi grew its position in shares of 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after acquiring an additional 898,244 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of 3M by 321.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,097,747 shares of the conglomerate’s stock valued at $141,708,000 after purchasing an additional 837,226 shares in the last quarter. Raymond James Financial Inc. acquired a new position in 3M in the 4th quarter worth about $103,788,000. Finally, Parsifal Capital Management LP boosted its position in 3M by 179.0% during the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after purchasing an additional 526,194 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Performance

NYSE MMM opened at $144.74 on Monday. 3M has a fifty-two week low of $88.23 and a fifty-two week high of $156.35. The firm has a market capitalization of $78.58 billion, a P/E ratio of 19.17, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The stock’s fifty day moving average is $149.60 and its two-hundred day moving average is $138.29. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same quarter in the previous year, the company posted $2.42 EPS. The company’s revenue was down 25.0% compared to the same quarter last year. On average, research analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.02%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is currently 38.68%.

Insider Activity

In related news, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the sale, the chief accounting officer now directly owns 4,417 shares in the company, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now directly owns 194 shares of the company’s stock, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, 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 Analyst Weigh In

MMM has been the subject of several research analyst reports. Citigroup upped their target price on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Saturday, March 22nd. JPMorgan Chase & Co. lifted their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Finally, Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $149.13.

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.