Voya Investment Management LLC Has $262.66 Million Stock Holdings in 3M (NYSE:MMM)

Voya Investment Management LLC trimmed its position in 3M (NYSE:MMM) by 31.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,034,664 shares of the conglomerate’s stock after selling 954,764 shares during the period. Voya Investment Management LLC owned approximately 0.37% of 3M worth $262,655,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Financial Life Planners acquired a new position in 3M during the fourth quarter worth approximately $25,000. Proficio Capital Partners LLC acquired a new stake in 3M during the 4th quarter worth approximately $26,000. Hazlett Burt & Watson Inc. acquired a new stake in 3M during the 4th quarter worth about $27,000. Daymark Wealth Partners LLC increased its stake in shares of 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 19,552 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted 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 valued at $40,000 after purchasing an additional 214 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now directly owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now owns 194 shares in the company, valued at $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 over the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MMM. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a report on Tuesday, April 8th. JPMorgan Chase & Co. dropped their price target on 3M from $165.00 to $140.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Citigroup decreased their price target on 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, Barclays upped their target price on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $147.00.

3M Stock Performance

Shares of MMM opened at $136.06 on Thursday. 3M has a 52-week low of $90.65 and a 52-week high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The firm has a market capitalization of $73.38 billion, a PE ratio of 18.02, a P/E/G ratio of 3.30 and a beta of 1.01. The firm has a 50-day moving average price of $143.57 and a 200 day moving average price of $138.17.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS 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 firm had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. On average, sell-side analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.15%. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio (DPR) is presently 38.68%.

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.