Northwestern Mutual Wealth Management Co. lifted its stake in 3M Co (NYSE:MMM) by 4.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 141,573 shares of the conglomerate’s stock after buying an additional 6,255 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in 3M were worth $33,323,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Horan Capital Management acquired a new stake in 3M during the 4th quarter worth $123,000. Dupont Capital Management Corp boosted its stake in 3M by 4.9% during the 4th quarter. Dupont Capital Management Corp now owns 29,531 shares of the conglomerate’s stock worth $6,951,000 after purchasing an additional 1,388 shares during the period. Cliftonlarsonallen Wealth Advisors LLC boosted its stake in 3M by 69.5% during the 4th quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 22,696 shares of the conglomerate’s stock worth $5,342,000 after purchasing an additional 9,307 shares during the period. Resources Investment Advisors Inc. boosted its stake in 3M by 161.6% during the 4th quarter. Resources Investment Advisors Inc. now owns 1,342 shares of the conglomerate’s stock worth $316,000 after purchasing an additional 829 shares during the period. Finally, Investment Partners Ltd. OH ADV acquired a new stake in 3M during the 4th quarter worth $462,000. 66.38% of the stock is currently owned by hedge funds and other institutional investors.
Shares of 3M Co (NYSE:MMM) opened at $222.89 on Friday. 3M Co has a 52 week low of $176.87 and a 52 week high of $259.77. The company has a market cap of $138,721.05, a price-to-earnings ratio of 28.14, a PEG ratio of 2.16 and a beta of 1.08. The company has a quick ratio of 1.33, a current ratio of 1.86 and a debt-to-equity ratio of 1.04.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be issued a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio (DPR) is currently 59.34%.
A number of brokerages recently weighed in on MMM. Vetr upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $250.06 price target for the company in a research note on Monday. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $290.00 price target for the company in a research note on Tuesday, January 30th. Royal Bank of Canada reiterated a “hold” rating and set a $254.00 price target on shares of 3M in a research note on Thursday, January 25th. Hilliard Lyons upgraded shares of 3M from a “neutral” rating to a “buy” rating and set a $285.00 target price for the company in a research note on Wednesday, January 24th. Finally, UBS Group initiated coverage on shares of 3M in a research note on Tuesday, January 23rd. They issued a “neutral” rating and a $262.00 target price for the company. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $249.63.
In other news, CFO Nicholas C. Gangestad sold 1,681 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $249.76, for a total value of $419,846.56. Following the completion of the transaction, the chief financial officer now owns 23,562 shares in the company, valued at approximately $5,884,845.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Inge G. Thulin sold 35,236 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $251.14, for a total transaction of $8,849,169.04. Following the completion of the transaction, the chairman now owns 253,873 shares of the company’s stock, valued at approximately $63,757,665.22. The disclosure for this sale can be found here. Insiders sold a total of 49,673 shares of company stock valued at $12,420,577 in the last quarter. Insiders own 0.58% of the company’s stock.
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3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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