Wellington Management Group LLP Sells 24,095 Shares of 3M (NYSE:MMM)

Wellington Management Group LLP lessened its stake in shares of 3M (NYSE:MMM) by 14.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 142,372 shares of the conglomerate’s stock after selling 24,095 shares during the quarter. Wellington Management Group LLP’s holdings in 3M were worth $15,564,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Norges Bank purchased a new stake in 3M in the 4th quarter worth approximately $502,585,000. Pacer Advisors Inc. boosted its stake in 3M by 1,273.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after buying an additional 3,508,334 shares during the period. Balyasny Asset Management L.P. grew its position in 3M by 313.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after buying an additional 2,010,319 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in 3M by 157.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock worth $197,377,000 after acquiring an additional 1,103,459 shares during the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of 3M by 8,766.0% in the 4th quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after acquiring an additional 1,068,748 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Price Performance

Shares of 3M stock opened at $101.44 on Thursday. The company’s fifty day simple moving average is $98.59 and its two-hundred day simple moving average is $99.24. 3M has a 12-month low of $71.12 and a 12-month high of $106.04. The firm has a market cap of $56.13 billion, a PE ratio of -7.98, a price-to-earnings-growth ratio of 1.92 and a beta of 0.96. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The company had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. During the same quarter in the previous year, the business earned $1.97 EPS. As a group, equities analysts expect that 3M will post 7.09 EPS for the current year.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is currently -22.01%.

Wall Street Analyst Weigh In

MMM has been the topic of several research analyst reports. UBS Group upped their price objective on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Mizuho reissued a “neutral” rating and issued a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. Barclays lifted their price target on 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 28th. HSBC upgraded 3M from a “hold” rating to a “buy” rating and increased their price objective for the company from $91.13 to $115.00 in a research report on Friday, May 10th. Finally, JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $111.58.

3M Profile

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.