Penobscot Investment Management Company Inc. Decreases Position in 3M (NYSE:MMM)

Penobscot Investment Management Company Inc. lowered its stake in shares of 3M (NYSE:MMM) by 2.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,533 shares of the conglomerate’s stock after selling 288 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in 3M were worth $1,618,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Financial Life Planners acquired a new stake in 3M in the 4th quarter valued at about $25,000. Proficio Capital Partners LLC acquired a new stake in 3M in the fourth quarter valued at approximately $26,000. FSA Wealth Management LLC purchased a new position in 3M in the third quarter worth approximately $27,000. Daymark Wealth Partners LLC grew its holdings in 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 19,552 shares in the last quarter. Finally, ORG Partners LLC raised its holdings in shares of 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 98 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the transaction, the chief accounting officer now owns 4,417 shares in the company, valued at $662,329.15. This trade represents a 34.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now owns 194 shares in the company, 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. In the last three months, insiders sold 113,639 shares of company stock worth $17,163,446. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MMM shares. Citigroup raised their price target on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Saturday. Bank of America lifted their price target on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. raised their price objective on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Finally, Royal Bank of Canada restated an “underperform” rating and set a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

3M Stock Performance

Shares of MMM stock opened at $153.53 on Wednesday. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a 12-month low of $85.62 and a 12-month high of $156.35. The company has a market cap of $83.35 billion, a price-to-earnings ratio of 20.34, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The stock has a 50 day simple moving average of $149.05 and a 200-day simple moving average of $137.88.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS 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 company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter last year, the company earned $2.42 earnings per share. 3M’s quarterly revenue was down 25.0% compared to the same quarter last year. On average, equities analysts forecast 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. Shareholders of record on Friday, February 14th were issued 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 dividend on an annualized basis and a yield of 1.90%. 3M’s dividend payout ratio (DPR) is 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.