Bigelow Investment Advisors LLC Has $267,000 Stock Holdings in 3M (NYSE:MMM) (2024)

Posted by matt on Apr 20th, 2024

Bigelow Investment Advisors LLC trimmed its position in 3M (NYSE:MMM – Free Report) by 10.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,441 shares of the conglomerate’s stock after selling 270 shares during the quarter. Bigelow Investment Advisors LLC’s holdings in 3M were worth $267,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in 3M by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after buying an additional 317,483 shares in the last quarter. Geode Capital Management LLC grew its holdings in 3M by 5.7% in the 1st quarter. Geode Capital Management LLC now owns 11,474,791 shares of the conglomerate’s stock valued at $1,203,635,000 after buying an additional 619,370 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of 3M by 7.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 11,315,417 shares of the conglomerate’s stock valued at $1,684,639,000 after acquiring an additional 758,126 shares during the period. Morgan Stanley lifted its position in shares of 3M by 8.3% during the 4th quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock valued at $1,291,535,000 after acquiring an additional 825,223 shares during the period. Finally, Northern Trust Corp lifted its position in shares of 3M by 0.6% during the 1st quarter. Northern Trust Corp now owns 7,413,149 shares of the conglomerate’s stock valued at $1,103,670,000 after acquiring an additional 44,714 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

3M Trading Up 1.0 %

Shares of MMM stock opened at $92.35 on Friday. The stock has a 50-day moving average of $95.76 and a 200-day moving average of $97.24. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. 3M has a 1-year low of $71.12 and a 1-year high of $95.67.

3M (NYSE:MMM – Get Free Report) last released its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping the consensus estimate of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter last year, the firm posted $2.28 earnings per share. The firm’s revenue was down 1.1% on a year-over-year basis. As a group, analysts expect that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were paid a dividend of $1.51 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 annualized dividend and a yield of 6.54%. This is a boost from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is currently -47.82%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of recent analyst reports. Wells Fargo & Company cut their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Citigroup upped their target price on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Barclays cut their target price on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research report on Tuesday, April 2nd. Royal Bank of Canada cut their target price on 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a research report on Tuesday, April 2nd. Finally, Bank of America cut their target price on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $104.00.

View Our Latest Report on MMM

About 3M

(Free Report)

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.

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