Fisher Funds Management LTD Purchases Shares of 38,344 3M (NYSE:MMM)

Fisher Funds Management LTD acquired a new position in 3M (NYSE:MMM) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 38,344 shares of the conglomerate’s stock, valued at approximately $4,951,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in MMM. D.A. Davidson & CO. boosted its holdings in 3M by 16.2% during the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock worth $20,004,000 after buying an additional 20,421 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of 3M by 26.8% during the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock worth $114,770,000 after acquiring an additional 178,450 shares in the last quarter. Meyer Handelman Co. boosted its stake in shares of 3M by 1.4% during the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock worth $25,511,000 after acquiring an additional 2,678 shares in the last quarter. FMR LLC grew its position in shares of 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares during the period. Finally, USA Financial Formulas purchased a new position in shares of 3M in the 4th quarter valued at about $816,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $150.25, for a total transaction of $247,161.25. Following the completion of the transaction, the insider now owns 5,153 shares of the company’s stock, valued at approximately $774,238.25. This trade represents a 24.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a report on Wednesday, February 19th. Bank of America lifted their price target on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Royal Bank of Canada reissued an “underperform” rating and set a $96.00 target price on shares of 3M in a research note on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $148.87.

3M Price Performance

NYSE:MMM opened at $144.87 on Monday. 3M has a one year low of $75.40 and a one year high of $155.00. The stock has a market cap of $78.65 billion, a PE ratio of 19.19, a P/E/G ratio of 3.30 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. The stock has a 50 day moving average price of $140.62 and a 200 day moving average price of $134.71.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) 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%. 3M’s revenue was down 25.0% compared to the same quarter last year. During the same period last year, the business earned $2.42 earnings per share. Equities research analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.73 per share. The ex-dividend date is Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.02%. 3M’s dividend payout ratio is currently 38.68%.

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.