3M (NYSE:MMM) Shares Sold by Douglas Lane & Associates LLC

Douglas Lane & Associates LLC trimmed its position in 3M (NYSE:MMM) by 4.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,626 shares of the conglomerate’s stock after selling 339 shares during the quarter. Douglas Lane & Associates LLC’s holdings in 3M were worth $1,469,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of 3M in the fourth quarter valued at $490,349,000. BlackRock Inc. increased its holdings in 3M by 6.0% during the 4th quarter. BlackRock Inc. now owns 41,174,440 shares of the conglomerate’s stock valued at $7,196,879,000 after purchasing an additional 2,319,000 shares in the last quarter. FMR LLC increased its holdings in 3M by 78.9% during the 4th quarter. FMR LLC now owns 4,656,084 shares of the conglomerate’s stock valued at $813,837,000 after purchasing an additional 2,053,818 shares in the last quarter. Morgan Stanley increased its stake in shares of 3M by 18.9% in the 4th quarter. Morgan Stanley now owns 4,388,511 shares of the conglomerate’s stock valued at $767,068,000 after buying an additional 697,889 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in 3M by 9.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,768,306 shares of the conglomerate’s stock worth $1,357,820,000 after buying an additional 677,445 shares during the period. Hedge funds and other institutional investors own 64.68% of the company’s stock.

Shares of NYSE MMM opened at $198.30 on Wednesday. 3M has a 1 year low of $131.12 and a 1 year high of $199.67. The stock has a market cap of $114.90 billion, a P/E ratio of 23.25, a price-to-earnings-growth ratio of 1.85 and a beta of 0.92. The firm has a 50-day moving average of $190.39 and a 200 day moving average of $176.36. 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 (NYSE:MMM) last issued its quarterly earnings results on Monday, January 25th. The conglomerate reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.23. 3M had a net margin of 15.65% and a return on equity of 44.77%. The company had revenue of $8.58 billion during the quarter, compared to analysts’ expectations of $8.39 billion. During the same period last year, the company posted $2.15 EPS. 3M’s revenue was up 5.8% on a year-over-year basis. Research analysts expect that 3M will post 8.56 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, March 12th. Shareholders of record on Friday, February 12th were issued a $1.48 dividend. The ex-dividend date was Thursday, February 11th. This is a boost from 3M’s previous quarterly dividend of $1.47. This represents a $5.92 annualized dividend and a yield of 2.99%. 3M’s payout ratio is 65.05%.

A number of equities research analysts have recently weighed in on the stock. Bank of America downgraded shares of 3M from a “neutral” rating to an “underperform” rating and set a $170.00 price target for the company. in a research report on Thursday, January 7th. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and set a $205.00 target price on the stock in a report on Wednesday, January 27th. Royal Bank of Canada restated a “hold” rating on shares of 3M in a report on Sunday, January 24th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $200.00 price objective for the company in a research report on Wednesday, February 3rd. Finally, Barclays upped their price objective on shares of 3M from $163.00 to $180.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 13th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. 3M has a consensus rating of “Hold” and a consensus price target of $185.82.

In other 3M news, EVP Michael G. Vale sold 30,875 shares of 3M stock in a transaction dated Friday, January 29th. The shares were 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 of the company’s stock, valued at $13,894,077.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.42% of the stock is currently owned by insiders.

3M Company 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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