3M (NYSE:MMM) Shares Acquired by Federated Hermes Inc.

Federated Hermes Inc. grew its position in 3M (NYSE:MMM) by 14.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 154,824 shares of the conglomerate’s stock after acquiring an additional 19,104 shares during the quarter. Federated Hermes Inc.’s holdings in 3M were worth $16,925,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in MMM. Briaud Financial Planning Inc acquired a new stake in 3M during the third quarter worth about $35,000. Authentikos Wealth Advisory LLC acquired a new stake in 3M in the third quarter worth $37,000. CGC Financial Services LLC grew its position in shares of 3M by 89.9% during the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after acquiring an additional 160 shares during the last quarter. VisionPoint Advisory Group LLC boosted its stake in 3M by 91.9% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 215 shares during the period. Finally, Psagot Value Holdings Ltd. Israel bought a new stake in shares of 3M during the third quarter valued at approximately $44,000. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MMM has been the subject of a number of analyst reports. Wells Fargo & Company reduced 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 dropped their target price on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Barclays dropped their price objective on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. Royal Bank of Canada cut their price target on shares of 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a report on Tuesday, April 2nd. Finally, StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $104.00.

Insider Activity at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.38% of the company’s stock.

3M Trading Up 0.4 %

MMM opened at $92.61 on Tuesday. 3M has a 12-month low of $71.12 and a 12-month high of $95.67. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The stock has a fifty day moving average of $95.72 and a 200-day moving average of $97.40.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The business had revenue of $8.01 billion during the quarter, compared to analyst estimates of $7.69 billion. During the same period in the prior year, the firm earned $2.28 earnings per share. The firm’s revenue was down 1.1% compared to the same quarter last year. As a group, research analysts predict that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a dividend of $1.51 per share. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.52%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is currently -47.82%.

About 3M

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.