Argent Trust Co Sells 1,075 Shares of 3M (NYSE:MMM)

Argent Trust Co cut its holdings in 3M (NYSE:MMM) by 3.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,338 shares of the conglomerate’s stock after selling 1,075 shares during the quarter. Argent Trust Co’s holdings in 3M were worth $4,562,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Financial Life Planners bought a new position in 3M during the 4th quarter valued at about $25,000. Hazlett Burt & Watson Inc. purchased a new position in shares of 3M in the fourth quarter worth $27,000. Meeder Asset Management Inc. increased its stake 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. ORG Partners LLC increased its stake in shares of 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after acquiring an additional 98 shares during the period. Finally, Catalyst Capital Advisors LLC grew its position in 3M by 81.5% during the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock valued at $47,000 after buying an additional 163 shares during the period. Institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on MMM. Citigroup raised their price target on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. decreased their price target on shares of 3M from $165.00 to $140.00 and set an “overweight” rating on the stock in a research note on Tuesday. Royal Bank of Canada reiterated an “underperform” rating and set a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research report on Tuesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $147.47.

Insiders Place Their Bets

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’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 completion of the sale, the insider now owns 5,024 shares of the company’s stock, valued at $750,736.32. The trade was a 55.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction dated 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 transaction, the executive vice president now owns 194 shares of the company’s stock, valued at $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Down 2.5 %

Shares of NYSE MMM traded down $3.52 during midday trading on Thursday, reaching $134.80. 456,138 shares of the company’s stock were exchanged, compared to its average volume of 4,113,556. The business’s fifty day moving average price is $147.03 and its two-hundred day moving average price is $138.43. 3M has a 52-week low of $90.17 and a 52-week high of $156.35. The stock has a market capitalization of $72.70 billion, a PE ratio of 17.85, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. 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 released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same period in the previous year, the company earned $2.42 earnings per share. 3M’s revenue was down 25.0% compared to the same quarter last year. Analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.17%. The ex-dividend date was Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is presently 38.68%.

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.