Arnhold LLC Cuts Stock Holdings in 3M (NYSE:MMM)

Arnhold LLC lowered its stake in 3M (NYSE:MMM) by 67.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,439 shares of the conglomerate’s stock after selling 19,645 shares during the quarter. Arnhold LLC’s holdings in 3M were worth $1,032,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MMM. Pacer Advisors Inc. boosted its holdings in 3M by 1,273.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after purchasing an additional 3,508,334 shares during the last quarter. International Assets Investment Management LLC raised its position in 3M by 8,766.0% in the fourth quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock worth $118,168,000 after acquiring an additional 1,068,748 shares during the period. Van ECK Associates Corp raised its position in 3M by 20.8% in the third quarter. Van ECK Associates Corp now owns 2,944,135 shares of the conglomerate’s stock worth $275,630,000 after acquiring an additional 506,654 shares during the period. FMR LLC raised its position in 3M by 29.8% in the third quarter. FMR LLC now owns 1,908,914 shares of the conglomerate’s stock worth $178,713,000 after acquiring an additional 438,424 shares during the period. Finally, Nuance Investments LLC raised its position in 3M by 10.1% in the third quarter. Nuance Investments LLC now owns 4,062,557 shares of the conglomerate’s stock worth $380,337,000 after acquiring an additional 371,935 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on MMM. Mizuho reiterated a “neutral” rating and issued a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. Citigroup raised their price objective on shares of 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Wells Fargo & Company decreased their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. Finally, Bank of America cut their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $104.00.

Insider Transactions at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.38% of the company’s stock.

3M Trading Up 4.7 %

Shares of NYSE MMM traded up $4.35 during midday trading on Tuesday, hitting $96.51. The company’s stock had a trading volume of 16,669,664 shares, compared to its average volume of 5,851,908. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. The business’s 50 day moving average is $95.82 and its two-hundred day moving average is $97.54. 3M has a 12-month low of $71.12 and a 12-month high of $97.84. The firm has a market cap of $53.40 billion, a P/E ratio of -7.64, a price-to-earnings-growth ratio of 1.74 and a beta of 1.02.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 6.26%. This is an increase from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio is presently -47.82%.

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.