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

Marshall Wace LLP trimmed its position in shares of 3M (NYSE:MMM) by 23.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,221,632 shares of the conglomerate’s stock after selling 372,379 shares during the period. Marshall Wace LLP’s holdings in 3M were worth $124,839,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MMM. Tributary Capital Management LLC bought a new stake in shares of 3M in the 1st quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. increased its position in 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after buying an additional 197 shares during the last quarter. MFA Wealth Advisors LLC bought a new stake in 3M in the second quarter valued at approximately $28,000. Meeder Asset Management Inc. lifted its position in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in shares of 3M during the 1st quarter worth approximately $32,000. 65.25% of the stock is owned by institutional investors.

Insider Activity at 3M

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction 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 sale, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MMM. Wells Fargo & Company raised their price target on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Barclays increased their price target on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded 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 report on Monday, July 29th. Finally, Morgan Stanley started coverage on 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $124.43.

3M Price Performance

Shares of MMM stock opened at $135.64 on Tuesday. 3M has a twelve month low of $71.12 and a twelve month high of $136.09. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The business has a fifty day simple moving average of $125.29 and a 200 day simple moving average of $108.32. The company has a market cap of $75.06 billion, a P/E ratio of -10.66, a P/E/G ratio of 2.41 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The company had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period last year, the company posted $2.17 EPS. On average, sell-side analysts forecast that 3M will post 7.22 EPS for the current fiscal year.

3M Dividend Announcement

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

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.