American International Group Inc. lifted its stake in 3M Co (NYSE:MMM) by 4.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 190,279 shares of the conglomerate’s stock after acquiring an additional 7,300 shares during the quarter. American International Group Inc.’s holdings in 3M were worth $44,786,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Valmark Advisers Inc. bought a new stake in 3M in the fourth quarter worth $334,000. Employees Retirement System of Texas boosted its holdings in 3M by 19.9% in the fourth quarter. Employees Retirement System of Texas now owns 126,400 shares of the conglomerate’s stock worth $29,751,000 after purchasing an additional 21,000 shares in the last quarter. Wedbush Securities Inc. boosted its holdings in 3M by 4.4% in the fourth quarter. Wedbush Securities Inc. now owns 8,529 shares of the conglomerate’s stock worth $2,008,000 after purchasing an additional 357 shares in the last quarter. Trustcore Financial Services LLC bought a new stake in 3M in the fourth quarter worth $306,000. Finally, Crewe Advisors LLC bought a new stake in 3M in the fourth quarter worth $223,000. 66.89% of the stock is currently owned by institutional investors and hedge funds.
Shares of 3M Co (NYSE:MMM) opened at $239.80 on Tuesday. The company has a current ratio of 1.86, a quick ratio of 1.33 and a debt-to-equity ratio of 1.04. 3M Co has a fifty-two week low of $188.62 and a fifty-two week high of $259.77. The stock has a market cap of $142,800.00, a PE ratio of 26.15, a price-to-earnings-growth ratio of 2.24 and a beta of 1.10.
The company also recently declared a quarterly dividend, which was paid on Monday, March 12th. Shareholders of record on Friday, February 16th were issued a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a yield of 2.27%. This is a boost from 3M’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio is 59.32%.
In related news, VP Ippocratis Vrohidis sold 225 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $249.68, for a total value of $56,178.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Frank R. Jr. Little sold 3,133 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $236.85, for a total transaction of $742,051.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,806 shares of company stock valued at $13,162,628. 0.58% of the stock is owned by corporate insiders.
MMM has been the subject of a number of recent research reports. ValuEngine cut shares of 3M from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Argus reiterated a “buy” rating on shares of 3M in a report on Friday, December 22nd. Zacks Investment Research cut shares of 3M from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. Deutsche Bank upped their price objective on shares of 3M from $180.00 to $240.00 and gave the stock a “hold” rating in a report on Wednesday, January 10th. Finally, Citigroup upped their price objective on shares of 3M from $268.00 to $278.00 and gave the stock a “buy” rating in a report on Tuesday, January 16th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $254.02.
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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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