Federated Hermes Inc. Buys 19,104 Shares of 3M (NYSE:MMM)

Federated Hermes Inc. raised its position in 3M (NYSE:MMM) by 14.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 154,824 shares of the conglomerate’s stock after buying an additional 19,104 shares during the quarter. Federated Hermes Inc.’s holdings in 3M were worth $16,925,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Trilogy Capital Inc. lifted its position in 3M by 11.8% during the 3rd quarter. Trilogy Capital Inc. now owns 24,404 shares of the conglomerate’s stock valued at $2,285,000 after purchasing an additional 2,583 shares during the period. Ziegler Capital Management LLC lifted its holdings in 3M by 2.6% in the third quarter. Ziegler Capital Management LLC now owns 19,626 shares of the conglomerate’s stock valued at $1,837,000 after buying an additional 491 shares during the period. Advisors Management Group Inc. ADV lifted its holdings in 3M by 4.5% in the third quarter. Advisors Management Group Inc. ADV now owns 12,373 shares of the conglomerate’s stock valued at $1,158,000 after buying an additional 531 shares during the period. Riverview Trust Co boosted its stake in 3M by 81.4% in the third quarter. Riverview Trust Co now owns 1,585 shares of the conglomerate’s stock valued at $148,000 after acquiring an additional 711 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its holdings in 3M by 265,023.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 68,932 shares of the conglomerate’s stock worth $6,453,000 after acquiring an additional 68,906 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the sale, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.38% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MMM. Barclays reduced their price target on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 2nd. Mizuho restated a “neutral” rating and set a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Wells Fargo & Company decreased their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Royal Bank of Canada cut their price target on shares of 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 2nd. Finally, Citigroup boosted their price objective on shares of 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $104.00.

3M Stock Performance

MMM stock opened at $92.61 on Tuesday. The stock has a 50-day moving average price of $95.72 and a two-hundred day moving average price of $97.40. 3M has a 1 year low of $71.12 and a 1 year high of $95.67. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. The business had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. 3M’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the company earned $2.28 earnings per share. Analysts expect that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.52%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is currently -47.82%.

3M Company 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.