Guggenheim Capital LLC Sells 34,165 Shares of 3M (NYSE:MMM)

Guggenheim Capital LLC reduced its holdings in 3M (NYSE:MMM) by 30.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 79,551 shares of the conglomerate’s stock after selling 34,165 shares during the quarter. Guggenheim Capital LLC’s holdings in 3M were worth $10,269,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Wayfinding Financial LLC acquired a new position in shares of 3M during the 4th quarter valued at $851,000. 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 valued at $114,770,000 after purchasing an additional 178,450 shares during the period. Meyer Handelman Co. boosted 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 worth $25,511,000 after purchasing an additional 2,678 shares in the last quarter. USA Financial Formulas bought a new position in shares of 3M during the 4th quarter worth about $816,000. Finally, Braun Stacey Associates Inc. increased its position in 3M by 18.4% in the 4th quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate’s stock valued at $18,408,000 after buying an additional 22,203 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

Shares of 3M stock opened at $130.87 on Thursday. The firm has a market capitalization of $70.58 billion, a P/E ratio of 17.33, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The business’s fifty day simple moving average is $145.32 and its 200 day simple moving average is $138.31. 3M has a 12 month low of $90.33 and a 12 month high of $156.35.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The company 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 firm’s quarterly revenue was down 25.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.42 EPS. As a group, analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio is currently 38.68%.

Insider Transactions at 3M

In other 3M news, EVP Kevin H. Rhodes sold 6,743 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the completion of the transaction, the executive vice president now owns 4,902 shares in the company, valued at $734,564.70. This trade represents a 57.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were 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 approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 in the last quarter. Insiders own 0.48% of the company’s stock.

Wall Street Analyst Weigh In

MMM has been the subject of a number of research reports. Citigroup reduced their price objective on 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a research note on Monday. Bank of America upped their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Royal Bank of Canada reiterated an “underperform” rating and set a $96.00 price objective 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 boosted their target price for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and an average price target of $146.47.

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.