Catalyst Funds Management Pty Ltd Sells 191,500 Shares of 3M (NYSE:MMM)

Catalyst Funds Management Pty Ltd reduced its position in shares of 3M (NYSE:MMM) by 98.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 3,400 shares of the conglomerate’s stock after selling 191,500 shares during the quarter. Catalyst Funds Management Pty Ltd’s holdings in 3M were worth $439,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. State Street Corp lifted its position in 3M by 1.1% during the third 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 last quarter. FMR LLC grew its position in 3M by 88.7% in 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 in the last quarter. Bank of New York Mellon Corp increased its stake in 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after acquiring an additional 479,621 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in 3M by 1.2% during 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 valued at $521,596,000 after purchasing an additional 43,942 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of 3M by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,577,045 shares of the conglomerate’s stock valued at $461,761,000 after purchasing an additional 17,228 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling

In other 3M news, Chairman Michael F. Roman sold 49,598 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the transaction, the chairman now owns 180,895 shares in the company, valued at approximately $27,550,308.50. This represents a 21.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of 3M stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the sale, the insider now directly owns 5,153 shares of the company’s stock, valued at approximately $774,238.25. This represents a 24.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 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 Up 3.1 %

NYSE:MMM opened at $150.58 on Friday. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. 3M has a 1-year low of $85.62 and a 1-year high of $156.35. The company has a 50-day moving average of $146.42 and a 200 day moving average of $136.86. The firm has a market cap of $81.75 billion, a PE ratio of 19.94, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. The firm had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company’s revenue was down 25.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.42 EPS. As a group, research analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.94%. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M’s payout ratio is presently 38.68%.

Analyst Ratings Changes

Several research firms have recently weighed in on MMM. Barclays boosted their target price on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. increased their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Friday, March 7th. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, Citigroup boosted their target price on 3M from $142.00 to $152.00 and gave the company a “neutral” 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 given a buy rating to the company. According to data from MarketBeat, 3M currently has an average rating of “Moderate Buy” and an average target price of $149.13.

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.