Kennedy Investment Group Sells 112 Shares of 3M (NYSE:MMM)

Kennedy Investment Group decreased its stake in 3M (NYSE:MMM) by 3.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,674 shares of the conglomerate’s stock after selling 112 shares during the period. Kennedy Investment Group’s holdings in 3M were worth $474,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the company. CVA Family Office LLC lifted its stake in 3M by 1.9% in the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after purchasing an additional 79 shares during the last quarter. Wynn Capital LLC lifted its position in 3M by 0.7% during the fourth quarter. Wynn Capital LLC now owns 11,690 shares of the conglomerate’s stock worth $1,509,000 after acquiring an additional 80 shares during the last quarter. Harbour Investments Inc. lifted its position in 3M by 0.8% during the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock worth $1,443,000 after acquiring an additional 81 shares during the last quarter. KMG Fiduciary Partners LLC lifted its position in 3M by 0.5% during the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after acquiring an additional 84 shares during the last quarter. Finally, TCV Trust & Wealth Management Inc. lifted its position in 3M by 1.3% during the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock worth $884,000 after acquiring an additional 84 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the business’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $150.25, for a total value of $247,161.25. Following the transaction, the insider now owns 5,153 shares in the company, valued at $774,238.25. The trade was a 24.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Michael F. Roman sold 45,276 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $150.01, for a total transaction of $6,791,852.76. Following the completion of the transaction, the chairman now owns 175,718 shares in the company, valued at approximately $26,359,457.18. The trade was a 20.49 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 62,291 shares of company stock valued at $9,339,786. 0.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

MMM has been the subject of several research reports. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Mizuho raised their price objective on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Barclays raised their price objective on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price target on shares of 3M in a research report on Wednesday, January 22nd. Finally, Citigroup lifted their price target on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $148.87.

3M Stock Performance

Shares of NYSE:MMM opened at $151.34 on Wednesday. The company’s 50 day simple moving average is $133.26 and its 200 day simple moving average is $129.89. The stock has a market capitalization of $82.42 billion, a price-to-earnings ratio of 20.05, a price-to-earnings-growth ratio of 2.46 and a beta of 0.95. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. 3M has a 1 year low of $75.40 and a 1 year high of $152.96.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company’s revenue was down 25.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.42 earnings per share. As a group, research analysts predict that 3M will post 7.66 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.85%. 3M’s payout ratio is presently 37.09%.

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.