NCM Capital Management LLC Purchases 2,370 Shares of 3M (NYSE:MMM)

NCM Capital Management LLC grew its position in shares of 3M (NYSE:MMM) by 18.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,080 shares of the conglomerate’s stock after buying an additional 2,370 shares during the quarter. 3M accounts for approximately 0.9% of NCM Capital Management LLC’s investment portfolio, making the stock its 22nd biggest holding. NCM Capital Management LLC’s holdings in 3M were worth $1,947,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Geode Capital Management LLC grew its position in shares of 3M by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock valued at $1,493,655,000 after acquiring an additional 280,048 shares during the period. Northern Trust Corp lifted its holdings in 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock valued at $871,738,000 after purchasing an additional 755,155 shares during the last quarter. Capital World Investors boosted its position in 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the period. Bank of New York Mellon Corp increased its stake in shares of 3M by 9.2% in the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after purchasing an additional 479,621 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of 3M during the 4th quarter valued at approximately $636,767,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Down 0.1%

Shares of MMM opened at $154.06 on Wednesday. 3M has a 1-year low of $96.76 and a 1-year high of $156.35. The company has a market capitalization of $82.91 billion, a P/E ratio of 20.41, a P/E/G ratio of 3.30 and a beta of 1.02. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The firm’s 50 day simple moving average is $141.84 and its 200 day simple moving average is $139.76.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. Sell-side analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.90%. 3M’s payout ratio is currently 36.87%.

Insider Activity

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president now directly owns 6,127 shares in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

MMM has been the subject of a number of recent research reports. Bank of America lifted their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Citigroup decreased their price objective on 3M from $152.00 to $142.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research note on Saturday, May 10th. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, Barclays raised their price objective on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $152.08.

3M 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.