LSV Asset Management Sells 2,700 Shares of 3M (NYSE:MMM)

LSV Asset Management reduced its stake in 3M (NYSE:MMM) by 23.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,600 shares of the conglomerate’s stock after selling 2,700 shares during the period. LSV Asset Management’s holdings in 3M were worth $1,110,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Investors Asset Management of Georgia Inc. GA ADV grew its stake in 3M by 1.3% in the fourth quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate’s stock valued at $694,000 after acquiring an additional 67 shares during the period. Parkside Financial Bank & Trust grew its position in shares of 3M by 1.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate’s stock valued at $665,000 after purchasing an additional 70 shares during the period. Gilbert & Cook Inc. raised its holdings in 3M by 1.5% during the 4th quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate’s stock worth $659,000 after buying an additional 73 shares during the period. Childress Capital Advisors LLC lifted its stake in 3M by 5.1% in the fourth quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate’s stock valued at $203,000 after buying an additional 76 shares in the last quarter. Finally, Capital Advisors Ltd. LLC boosted its holdings in shares of 3M by 5.3% in the fourth quarter. Capital Advisors Ltd. LLC now owns 1,519 shares of the conglomerate’s stock valued at $196,000 after buying an additional 77 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction on 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 represents a 55.70 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Michael F. Roman sold 49,598 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chairman now directly owns 180,895 shares in the company, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,639 shares of company stock valued at $17,163,446. Company insiders own 0.34% of the company’s stock.

3M Trading Up 0.0 %

Shares of MMM stock opened at $136.01 on Tuesday. The stock has a market cap of $73.35 billion, a P/E ratio of 18.01, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. 3M has a 1 year low of $90.17 and a 1 year high of $156.35. 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 stock has a 50 day simple moving average of $146.04 and a 200 day simple moving average of $138.38.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $5.77 billion. During the same period in the prior year, the company posted $2.42 EPS. The company’s revenue was down 25.0% compared to the same quarter last year. On average, research analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a $0.73 dividend. The ex-dividend date was Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 2.15%. 3M’s payout ratio is presently 38.68%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Bank of America upped their price objective on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Barclays reduced their target price on shares of 3M from $165.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. JPMorgan Chase & Co. decreased their target price on shares of 3M from $165.00 to $140.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their price target 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 assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus target price 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.