Opus Capital Group LLC Decreases Position in 3M Co (MMM)
Opus Capital Group LLC reduced its stake in shares of 3M Co (NYSE:MMM) by 2.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 4,318 shares of the conglomerate’s stock after selling 125 shares during the quarter. Opus Capital Group LLC’s holdings in 3M were worth $822,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of MMM. Oregon Public Employees Retirement Fund boosted its holdings in shares of 3M by 17,350.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 26,897,007 shares of the conglomerate’s stock worth $141,000 after purchasing an additional 26,742,875 shares during the period. Rehmann Capital Advisory Group boosted its holdings in shares of 3M by 14,237.6% during the third quarter. Rehmann Capital Advisory Group now owns 939,688 shares of the conglomerate’s stock worth $8,941,033,000 after purchasing an additional 933,134 shares during the period. Morgan Stanley boosted its holdings in shares of 3M by 11.9% during the third quarter. Morgan Stanley now owns 4,042,904 shares of the conglomerate’s stock worth $851,879,000 after purchasing an additional 430,262 shares during the period. Pictet Asset Management Ltd. boosted its holdings in shares of 3M by 24.4% during the third quarter. Pictet Asset Management Ltd. now owns 1,112,735 shares of the conglomerate’s stock worth $234,464,000 after purchasing an additional 218,034 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of 3M by 340.6% during the third quarter. Canada Pension Plan Investment Board now owns 259,360 shares of the conglomerate’s stock worth $54,650,000 after purchasing an additional 200,491 shares during the period. Institutional investors and hedge funds own 67.03% of the company’s stock.
NYSE MMM opened at $208.08 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.89 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $119.94 billion, a price-to-earnings ratio of 19.89, a price-to-earnings-growth ratio of 1.90 and a beta of 1.06. 3M Co has a 12-month low of $176.87 and a 12-month high of $238.17.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 15th were paid a $1.44 dividend. This represents a $5.76 dividend on an annualized basis and a dividend yield of 2.77%. This is a boost from 3M’s previous quarterly dividend of $1.36. The ex-dividend date was Thursday, February 14th. 3M’s payout ratio is presently 55.07%.
In other news, CFO Nicholas C. Gangestad sold 4,681 shares of the business’s stock in a transaction on Thursday, February 7th. The shares were sold at an average price of $201.34, for a total value of $942,472.54. Following the completion of the sale, the chief financial officer now directly owns 33,691 shares in the company, valued at $6,783,345.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider James L. Bauman sold 16,065 shares of the business’s stock in a transaction on Monday, February 11th. The stock was sold at an average price of $200.24, for a total transaction of $3,216,855.60. Following the completion of the sale, the insider now owns 40,468 shares of the company’s stock, valued at $8,103,312.32. The disclosure for this sale can be found here. Insiders sold 71,551 shares of company stock valued at $14,335,468 over the last 90 days. 0.72% of the stock is owned by corporate insiders.
A number of analysts have issued reports on MMM shares. Zacks Investment Research reiterated a “hold” rating on shares of 3M in a research note on Monday, December 31st. Barclays reduced their target price on shares of 3M from $195.00 to $190.00 and set an “underweight” rating for the company in a research note on Monday, November 19th. Royal Bank of Canada reiterated a “buy” rating and issued a $213.00 target price on shares of 3M in a research note on Wednesday, December 19th. Credit Suisse Group reiterated an “outperform” rating and issued a $220.00 target price (down from $230.00) on shares of 3M in a research note on Thursday, January 3rd. Finally, reiterated a “sell” rating on shares of 3M in a research note on Tuesday, February 12th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. 3M has a consensus rating of “Hold” and an average price target of $214.57.
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3M Company Profile
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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