Northern Trust Corp Has $1.82 Billion Position in 3M (MMM)
Northern Trust Corp lowered its holdings in 3M (NYSE:MMM) by 2.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,290,391 shares of the conglomerate’s stock after selling 186,112 shares during the period. Northern Trust Corp owned about 1.39% of 3M worth $1,819,907,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in MMM. Schwab Charles Investment Management Inc. grew its position in 3M by 4.7% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 3,171,136 shares of the conglomerate’s stock valued at $746,391,000 after purchasing an additional 142,799 shares in the last quarter. Smithbridge Asset Management Inc. DE grew its position in shares of 3M by 10.7% in the 4th quarter. Smithbridge Asset Management Inc. DE now owns 12,410 shares of the conglomerate’s stock valued at $2,921,000 after acquiring an additional 1,197 shares during the period. BKD Wealth Advisors LLC grew its position in shares of 3M by 2.0% in the 4th quarter. BKD Wealth Advisors LLC now owns 18,674 shares of the conglomerate’s stock valued at $4,395,000 after acquiring an additional 360 shares during the period. Heritage Way Advisors LLC grew its position in shares of 3M by 97.0% in the 4th quarter. Heritage Way Advisors LLC now owns 23,038 shares of the conglomerate’s stock valued at $5,422,000 after acquiring an additional 11,344 shares during the period. Finally, McCollum Christoferson Group LLC bought a new position in shares of 3M in the 4th quarter valued at about $7,687,000. 65.66% of the stock is owned by institutional investors and hedge funds.
3M opened at $198.96 on Monday, according to Marketbeat Ratings. The company has a quick ratio of 1.17, a current ratio of 1.65 and a debt-to-equity ratio of 1.11. The stock has a market cap of $118.12 billion, a PE ratio of 20.92, a P/E/G ratio of 1.88 and a beta of 1.17. 3M has a 52-week low of $191.44 and a 52-week high of $259.77.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 12th. Stockholders of record on Friday, May 18th will be paid a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend is Thursday, May 17th. 3M’s dividend payout ratio is presently 59.32%.
A number of brokerages have recently commented on MMM. Vetr downgraded shares of 3M from a “buy” rating to a “hold” rating and set a $251.35 price objective for the company. in a research report on Tuesday, February 27th. Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, January 22nd. Jefferies Group downgraded shares of 3M from a “buy” rating to a “hold” rating and decreased their price objective for the company from $259.77 to $200.00 in a research report on Wednesday, May 16th. Argus decreased their price objective on shares of 3M from $285.00 to $240.00 and set a “buy” rating for the company in a research report on Wednesday, April 25th. Finally, Royal Bank of Canada raised shares of 3M from a “sector perform” rating to an “outperform” rating and set a $238.00 price objective for the company in a research report on Thursday, May 3rd. They noted that the move was a valuation call. Five research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $241.97.
In other news, EVP Frank R. Jr. Little sold 3,133 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $236.85, for a total transaction of $742,051.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.72% of the company’s stock.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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