Accredited Investors Inc. Sells 1,932 Shares of 3M (NYSE:MMM)

Accredited Investors Inc. trimmed its stake in 3M (NYSE:MMM) by 6.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,693 shares of the conglomerate’s stock after selling 1,932 shares during the quarter. Accredited Investors Inc.’s holdings in 3M were worth $3,704,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Financial Life Planners bought a new position in shares of 3M during the fourth quarter worth approximately $25,000. Proficio Capital Partners LLC acquired a new position in shares of 3M during the fourth quarter valued at about $26,000. Hazlett Burt & Watson Inc. bought a new position in shares of 3M in the fourth quarter valued at approximately $27,000. Daymark Wealth Partners LLC grew its position in shares of 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 19,552 shares during the period. Finally, Meeder Asset Management Inc. boosted its holdings in shares of 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock worth $40,000 after acquiring an additional 214 shares during the period. 65.25% of the stock is currently owned by institutional investors.

3M Stock Performance

NYSE:MMM opened at $138.40 on Thursday. The firm has a market capitalization of $74.64 billion, a PE ratio of 18.33, a PEG ratio of 3.30 and a beta of 1.01. The stock’s fifty day moving average is $147.03 and its 200 day moving average is $138.43. 3M has a fifty-two week low of $90.17 and a fifty-two week high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.02. The business had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.42 earnings per share. On average, sell-side analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.11%. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. 3M’s payout ratio is 38.68%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Citigroup boosted their price target on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Tuesday. Bank of America lifted their target price on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Royal Bank of Canada restated an “underperform” rating and issued a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. lowered their target price on shares of 3M from $165.00 to $140.00 and set an “overweight” rating on the stock in a report on Tuesday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $147.47.

Insider Activity at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the business’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $150.25, for a total transaction of $247,161.25. Following the transaction, the insider now owns 5,153 shares of the company’s stock, valued at approximately $774,238.25. The trade was a 24.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Michael F. Roman sold 49,598 shares of 3M stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the completion of the sale, the chairman now owns 180,895 shares of the company’s stock, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock worth $17,163,446 over the last three months. 0.34% of the stock is owned by corporate insiders.

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.