Bryn Mawr Capital Management LLC Sells 3,078 Shares of 3M (NYSE:MMM)

Bryn Mawr Capital Management LLC lessened its holdings in 3M (NYSE:MMM) by 20.6% in the fourth quarter, HoldingsChannel reports. The fund owned 11,874 shares of the conglomerate’s stock after selling 3,078 shares during the period. Bryn Mawr Capital Management LLC’s holdings in 3M were worth $1,533,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of MMM. FMR LLC boosted its position in shares of 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares during the period. Jennison Associates LLC bought a new stake in 3M during the third quarter worth about $82,208,000. Parsifal Capital Management LP lifted its position in 3M by 179.0% during the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after purchasing an additional 526,194 shares during the period. Bank of New York Mellon Corp lifted its position in 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after purchasing an additional 479,621 shares during the period. Finally, Bank of Montreal Can lifted its position in 3M by 39.1% during the third quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate’s stock worth $151,002,000 after purchasing an additional 308,912 shares during the period. Institutional investors own 65.25% of the company’s stock.

Insider Activity at 3M

In related news, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the sale, the chief accounting officer now directly owns 4,417 shares in the company, valued at $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 5,024 shares in the company, valued at $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 over the last ninety days. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on MMM shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a research report on Wednesday, February 19th. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Bank of America upped their price objective on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Finally, Citigroup upped their price objective on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

3M Stock Performance

3M stock opened at $147.39 on Thursday. The business has a 50 day moving average of $141.75 and a 200-day moving average of $135.09. 3M has a 1 year low of $75.40 and a 1 year high of $155.00. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The company has a market capitalization of $80.02 billion, a P/E ratio of 19.52, a P/E/G ratio of 3.30 and a beta of 0.96.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the prior year, the firm posted $2.42 earnings per share. The firm’s revenue was down 25.0% compared to the same quarter last year. On average, equities research analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be paid a $0.73 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.98%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is currently 38.68%.

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.