Chevy Chase Trust Holdings LLC Sells 10,590 Shares of 3M (NYSE:MMM)

Chevy Chase Trust Holdings LLC lessened its stake in 3M (NYSE:MMM) by 3.5% in the fourth quarter, HoldingsChannel reports. The firm owned 295,677 shares of the conglomerate’s stock after selling 10,590 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in 3M were worth $38,169,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. D.A. Davidson & CO. grew its position in 3M by 16.2% in the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock worth $20,004,000 after purchasing an additional 20,421 shares during the period. Franklin Resources Inc. grew its position in shares of 3M by 26.8% during the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after acquiring an additional 178,450 shares during the period. Meyer Handelman Co. grew its position in shares of 3M by 1.4% during the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock valued at $25,511,000 after acquiring an additional 2,678 shares during the period. Ballentine Partners LLC grew its position in shares of 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock valued at $2,490,000 after acquiring an additional 5,210 shares during the period. Finally, Stonegate Investment Group LLC grew its position in shares of 3M by 5.6% during the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after acquiring an additional 13,473 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Stock Down 0.0 %

MMM opened at $148.65 on Friday. The firm has a 50-day simple moving average of $138.49 and a two-hundred day simple moving average of $133.62. 3M has a 52 week low of $75.40 and a 52 week high of $155.00. The company has a market capitalization of $80.70 billion, a PE ratio of 19.69, a price-to-earnings-growth ratio of 3.37 and a beta of 0.96. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last announced its earnings results 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. The firm had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business’s revenue was down 25.0% compared to the same quarter last year. During the same period in the prior year, the company earned $2.42 EPS. Analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.96%. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, February 14th. 3M’s dividend payout ratio is currently 37.09%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MMM. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 price objective on shares of 3M in a research report on Wednesday, January 22nd. Bank of America boosted their price objective on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their price objective on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Finally, Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, 3M has a consensus rating of “Moderate Buy” and a consensus price target of $148.87.

Insider Activity

In related news, CAO Theresa E. Reinseth sold 2,309 shares of the stock in a transaction dated Friday, January 24th. The shares were 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 of the company’s stock, valued at $662,329.15. This represents a 34.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares in the company, valued at $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. In the last three months, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is currently owned by corporate insiders.

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.