Marshall Wace LLP Has $124.84 Million Stake in 3M (NYSE:MMM)

Marshall Wace LLP reduced its stake in shares of 3M (NYSE:MMM) by 23.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,221,632 shares of the conglomerate’s stock after selling 372,379 shares during the quarter. Marshall Wace LLP owned 0.22% of 3M worth $124,839,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Ausdal Financial Partners Inc. increased its position in shares of 3M by 6.7% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after purchasing an additional 249 shares in the last quarter. Candriam S.C.A. raised its stake in shares of 3M by 19.2% in the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after acquiring an additional 6,185 shares during the last quarter. True Vision MN LLC acquired a new position in shares of 3M in the 2nd quarter worth approximately $512,000. Jade Capital Advisors LLC bought a new stake in 3M during the 4th quarter worth approximately $4,373,000. Finally, Scarborough Advisors LLC acquired a new stake in 3M during the 4th quarter valued at $978,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MMM shares. Royal Bank of Canada increased their target price on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a report on Monday, July 29th. Wells Fargo & Company boosted their target price on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research note on Thursday, June 13th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Finally, Barclays increased their price objective on 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $124.43.

3M Stock Up 0.6 %

Shares of 3M stock opened at $135.64 on Tuesday. 3M has a 1 year low of $71.12 and a 1 year high of $136.09. The business has a 50-day moving average of $125.29 and a two-hundred day moving average of $108.32. The company has a market capitalization of $75.06 billion, a P/E ratio of -10.66, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same period in the previous year, the firm earned $2.17 EPS. As a group, equities analysts predict that 3M will post 7.22 EPS for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.06%. 3M’s payout ratio is -22.01%.

Insider Activity at 3M

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The disclosure for this sale can be found here. 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.