3M (NYSE:MMM) Stock Holdings Decreased by Summitry LLC

Summitry LLC decreased its stake in shares of 3M (NYSE:MMM) by 20.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 37,405 shares of the conglomerate’s stock after selling 9,835 shares during the period. Summitry LLC’s holdings in 3M were worth $4,829,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Wayfinding Financial LLC acquired a new position in shares of 3M in the 4th quarter worth approximately $851,000. D.A. Davidson & CO. increased its stake in 3M by 16.2% during the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after purchasing an additional 20,421 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of 3M by 26.8% during the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock worth $114,770,000 after purchasing an additional 178,450 shares during the period. Meyer Handelman Co. lifted its position in shares of 3M by 1.4% in the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock worth $25,511,000 after buying an additional 2,678 shares during the last quarter. Finally, FMR LLC lifted its holdings in 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after acquiring an additional 4,212,409 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Up 0.2 %

Shares of 3M stock opened at $153.53 on Wednesday. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a 1 year low of $85.62 and a 1 year high of $156.35. The stock has a 50-day moving average price of $149.05 and a 200 day moving average price of $137.88. The company has a market cap of $83.35 billion, a P/E ratio of 20.34, a P/E/G ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. During the same period last year, the company posted $2.42 earnings per share. The firm’s quarterly revenue was down 25.0% compared to the same quarter last year. As a group, analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a dividend of $0.73 per share. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.90%. 3M’s dividend payout ratio (DPR) is presently 38.68%.

Insider Buying and Selling at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. This trade represents 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 90 days. 0.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Citigroup boosted their price target on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 target price on shares of 3M in a report on Thursday, February 27th. Barclays increased their price target on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. upped their price objective on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a 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 given a buy rating to the stock. Based on data from MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and an average target price of $149.13.

3M Company 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.