Gotham Asset Management LLC Sells 19,363 Shares of 3M (NYSE:MMM)

Gotham Asset Management LLC cut its position in 3M (NYSE:MMM) by 17.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 89,590 shares of the conglomerate’s stock after selling 19,363 shares during the quarter. Gotham Asset Management LLC’s holdings in 3M were worth $11,565,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in MMM. Financial Life Planners acquired a new stake in 3M during the 4th quarter worth approximately $25,000. Proficio Capital Partners LLC acquired a new position in 3M during the 4th quarter worth about $26,000. Hazlett Burt & Watson Inc. bought a new stake in shares of 3M in the 4th quarter valued at about $27,000. Daymark Wealth Partners LLC increased its stake in shares of 3M by 9.0% in the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after buying an additional 19,552 shares during the period. Finally, Meeder Asset Management Inc. raised its position in shares of 3M by 230.1% during the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock worth $40,000 after acquiring an additional 214 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MMM has been the topic of several analyst reports. Citigroup reduced their target price on 3M from $152.00 to $142.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Saturday. Royal Bank of Canada increased their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. decreased their price target on 3M from $165.00 to $140.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $149.29.

3M Stock Up 0.8%

MMM stock opened at $142.25 on Monday. The stock’s 50 day simple moving average is $141.31 and its 200 day simple moving average is $138.70. The company has a market cap of $76.56 billion, a P/E ratio of 18.84, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a fifty-two week low of $96.76 and a fifty-two week high of $156.35.

3M (NYSE:MMM) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. On average, research analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

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.