3M (NYSE:MMM) Shares Bought by Calamos Wealth Management LLC

Calamos Wealth Management LLC lifted its stake in shares of 3M (NYSE:MMM) by 4.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,194 shares of the conglomerate’s stock after acquiring an additional 103 shares during the quarter. Calamos Wealth Management LLC’s holdings in 3M were worth $283,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp increased its position in shares of 3M by 1.1% during the 3rd quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock valued at $3,717,503,000 after purchasing an additional 302,900 shares during the period. FMR LLC grew its holdings in 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after acquiring an additional 4,212,409 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in 3M by 1.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock worth $521,596,000 after acquiring an additional 43,942 shares in the last quarter. National Pension Service lifted its holdings in 3M by 14.5% in the 3rd quarter. National Pension Service now owns 1,268,003 shares of the conglomerate’s stock valued at $173,336,000 after acquiring an additional 161,036 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its position in shares of 3M by 11,601.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after purchasing an additional 1,250,491 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

MMM has been the topic of a number of research reports. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. upped their price target on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research note on Tuesday, October 22nd. Bank of America boosted their target price on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Finally, Barclays increased their price target on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $148.87.

Insider Activity

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kevin H. Rhodes sold 6,743 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the transaction, the executive vice president now owns 4,902 shares in the company, valued at approximately $734,564.70. This trade represents a 57.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 in the last three months. 0.38% of the stock is owned by insiders.

3M Stock Performance

MMM stock opened at $151.73 on Wednesday. The firm has a 50 day simple moving average of $135.61 and a 200 day simple moving average of $131.59. 3M has a 52 week low of $75.40 and a 52 week high of $155.00. The stock has a market cap of $82.62 billion, a P/E ratio of 20.10, a P/E/G ratio of 3.37 and a beta of 0.96. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same quarter last year, the business posted $2.42 EPS. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. Research analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be paid a dividend of $0.73 per share. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.92%. 3M’s dividend payout ratio (DPR) is 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.