Balboa Wealth Partners Cuts Holdings in 3M (NYSE:MMM)

Balboa Wealth Partners cut its holdings in 3M (NYSE:MMM) by 22.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,784 shares of the conglomerate’s stock after selling 512 shares during the quarter. Balboa Wealth Partners’ holdings in 3M were worth $230,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. LFA Lugano Financial Advisors SA grew its stake in shares of 3M by 33.3% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 800 shares of the conglomerate’s stock worth $103,000 after purchasing an additional 200 shares during the period. Erste Asset Management GmbH purchased a new stake in 3M during the fourth quarter worth about $921,000. Achmea Investment Management B.V. grew its position in 3M by 59.0% during the fourth quarter. Achmea Investment Management B.V. now owns 97,603 shares of the conglomerate’s stock worth $12,600,000 after buying an additional 36,211 shares during the period. Avantax Advisory Services Inc. increased its holdings in 3M by 4.8% in the fourth quarter. Avantax Advisory Services Inc. now owns 40,790 shares of the conglomerate’s stock valued at $5,266,000 after buying an additional 1,885 shares in the last quarter. Finally, Essential Planning LLC. acquired a new stake in shares of 3M during the 4th quarter valued at approximately $4,527,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Down 2.8 %

MMM opened at $145.97 on Friday. 3M has a 12 month low of $85.48 and a 12 month high of $156.35. The business has a 50-day moving average of $146.01 and a two-hundred day moving average of $136.69. 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 stock has a market capitalization of $79.25 billion, a price-to-earnings ratio of 19.33, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last issued 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. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. 3M’s revenue for the quarter was down 25.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.42 earnings per share. On average, research analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a $0.73 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 2.00%. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is presently 38.68%.

Insider Buying and Selling at 3M

In related news, Chairman Michael F. Roman sold 49,598 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the transaction, the chairman now owns 180,895 shares in the company, valued at approximately $27,550,308.50. This trade represents a 21.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the sale, the executive vice president now owns 194 shares of the company’s stock, valued at approximately $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 90 days, insiders sold 113,639 shares of company stock valued at $17,163,446. Company insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

MMM has been the topic of several research reports. Barclays upped their target price on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. raised their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Friday, March 7th. Citigroup increased 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. Finally, Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $149.13.

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.