ARK Investment Management LLC Sells 255 Shares of 3M (NYSE:MMM)

ARK Investment Management LLC reduced its stake in 3M (NYSE:MMM) by 13.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,590 shares of the conglomerate’s stock after selling 255 shares during the period. ARK Investment Management LLC’s holdings in 3M were worth $174,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Cresta Advisors Ltd. grew its position in 3M by 16.7% during the 4th quarter. Cresta Advisors Ltd. now owns 3,500 shares of the conglomerate’s stock worth $383,000 after acquiring an additional 500 shares during the last quarter. Waterway Wealth Management LLC acquired a new position in shares of 3M in the 4th quarter valued at $324,000. Alhambra Investment Management LLC acquired a new position in shares of 3M in the 4th quarter valued at $224,000. Abundance Wealth Counselors lifted its stake in shares of 3M by 16.3% in the 4th quarter. Abundance Wealth Counselors now owns 6,519 shares of the conglomerate’s stock valued at $713,000 after purchasing an additional 914 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in shares of 3M by 1.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 20,054 shares of the conglomerate’s stock valued at $2,192,000 after purchasing an additional 280 shares during the period. 65.25% of the stock is currently owned by institutional investors.

3M Trading Up 1.9 %

Shares of MMM stock opened at $104.61 on Thursday. The company has a fifty day moving average price of $96.89 and a two-hundred day moving average price of $97.74. 3M has a one year low of $85.35 and a one year high of $113.14. 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 announced its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The company had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same quarter last year, the firm posted $2.28 EPS. The company’s quarterly revenue was down 1.1% on a year-over-year basis. On average, research analysts anticipate that 3M will post 9.77 earnings per share for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were issued a dividend of $1.51 per share. This is an increase from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 5.77%. 3M’s payout ratio is presently -47.82%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Barclays raised 3M from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $111.00 to $126.00 in a research note on Tuesday, March 19th. Citigroup dropped their price objective on 3M from $117.00 to $104.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 24th. Wells Fargo & Company dropped their price target on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. Mizuho reissued a “neutral” rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday. Finally, StockNews.com initiated coverage on 3M in a research note on Wednesday. They issued a “buy” rating on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $107.60.

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.34% of the stock is currently owned by insiders.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.