3M (NYSE:MMM) Shares Sold by Argyle Capital Management Inc.

Argyle Capital Management Inc. decreased its holdings in 3M (NYSE:MMM) by 10.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,704 shares of the conglomerate’s stock after selling 2,527 shares during the quarter. Argyle Capital Management Inc.’s holdings in 3M were worth $2,263,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MMM. Vanguard Group Inc. increased its holdings in 3M by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after acquiring an additional 317,483 shares in the last quarter. Invesco Ltd. raised its holdings in shares of 3M by 2.4% in the third quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock worth $382,246,000 after acquiring an additional 94,864 shares during the last quarter. Nuance Investments LLC lifted its position in shares of 3M by 10.1% in the third quarter. Nuance Investments LLC now owns 4,062,557 shares of the conglomerate’s stock valued at $380,337,000 after acquiring an additional 371,935 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of 3M by 1,273.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after acquiring an additional 3,508,334 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in 3M by 20.8% during the 3rd quarter. Van ECK Associates Corp now owns 2,944,135 shares of the conglomerate’s stock worth $275,630,000 after purchasing an additional 506,654 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on MMM shares. Royal Bank of Canada lowered their price target on 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a report on Tuesday, April 2nd. Wells Fargo & Company lowered their price target 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. Bank of America reduced their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. Barclays cut their price target on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. Finally, Mizuho reiterated a “neutral” rating and set a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $104.00.

3M Price Performance

MMM stock traded up $0.42 during trading on Friday, hitting $91.83. 4,520,901 shares of the stock traded hands, compared to its average volume of 4,283,067. The stock has a market cap of $50.82 billion, a price-to-earnings ratio of -7.27, a P/E/G ratio of 1.74 and a beta of 1.02. The company has a 50 day simple moving average of $95.71 and a 200 day simple moving average of $97.46. 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 has a one year low of $71.12 and a one year high of $95.67.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 6.58%. The ex-dividend date was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is presently -47.82%.

Insiders Place Their Bets

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

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.