Peak Asset Management LLC Sells 879 Shares of 3M Co (MMM)

Peak Asset Management LLC lessened its stake in 3M Co (NYSE:MMM) by 17.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,031 shares of the conglomerate’s stock after selling 879 shares during the quarter. Peak Asset Management LLC’s holdings in 3M were worth $949,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in shares of 3M by 1.4% in the fourth quarter. BlackRock Inc. now owns 38,828,584 shares of the conglomerate’s stock valued at $9,139,087,000 after purchasing an additional 521,880 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of 3M by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 6,901,534 shares of the conglomerate’s stock valued at $1,621,309,000 after purchasing an additional 332,651 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of 3M by 0.5% in the fourth quarter. Bank of New York Mellon Corp now owns 6,379,814 shares of the conglomerate’s stock valued at $1,501,619,000 after purchasing an additional 28,908 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in shares of 3M by 4.7% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 3,171,136 shares of the conglomerate’s stock valued at $746,391,000 after purchasing an additional 142,799 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of 3M by 8.6% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,024,371 shares of the conglomerate’s stock valued at $476,476,000 after purchasing an additional 159,668 shares in the last quarter. Institutional investors own 66.88% of the company’s stock.

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Shares of 3M Co (MMM) opened at $215.36 on Monday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.86 and a quick ratio of 1.33. 3M Co has a 52-week low of $188.62 and a 52-week high of $259.77. The stock has a market capitalization of $128,246.88, a price-to-earnings ratio of 23.49, a price-to-earnings-growth ratio of 2.00 and a beta of 1.10.

3M (NYSE:MMM) last released its earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.03 by $0.07. 3M had a return on equity of 48.34% and a net margin of 15.35%. The business had revenue of $7.99 billion during the quarter, compared to the consensus estimate of $7.85 billion. During the same period last year, the business posted $1.88 earnings per share. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. equities analysts predict that 3M Co will post 10.59 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, March 12th. Shareholders of record on Friday, February 16th were given a $1.36 dividend. This is an increase from 3M’s previous quarterly dividend of $0.01. This represents a $5.44 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is currently 68.69%.

In other 3M news, EVP Michael F. Roman sold 4,146 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $246.65, for a total value of $1,022,610.90. Following the completion of the sale, the executive vice president now directly owns 16,208 shares of the company’s stock, valued at $3,997,703.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Frank R. Jr. Little sold 3,133 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $236.85, for a total value of $742,051.05. The disclosure for this sale can be found here. Insiders sold 52,806 shares of company stock valued at $13,162,628 over the last three months. Company insiders own 0.58% of the company’s stock.

A number of analysts recently commented on MMM shares. Argus reiterated a “buy” rating on shares of 3M in a report on Friday, December 22nd. Vetr upgraded 3M from a “buy” rating to a “strong-buy” rating and set a $256.47 price target on the stock in a report on Friday. Royal Bank of Canada reiterated a “hold” rating and set a $254.00 price target on shares of 3M in a report on Thursday, January 25th. ValuEngine lowered 3M from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $264.00 price target on the stock in a report on Thursday, January 4th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $254.72.

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3M Profile

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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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