3M (NYSE:MMM) Shares Sold by Johnson Investment Counsel Inc.

Johnson Investment Counsel Inc. cut its stake in shares of 3M (NYSE:MMM - Free Report) by 8.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,078 shares of the conglomerate's stock after selling 3,363 shares during the period. Johnson Investment Counsel Inc.'s holdings in 3M were worth $4,528,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. D.A. Davidson & CO. increased its position in shares of 3M by 16.2% during the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate's stock valued at $20,004,000 after acquiring an additional 20,421 shares during the last quarter. Franklin Resources Inc. increased its position 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 acquiring an additional 178,450 shares during the last quarter. Meyer Handelman Co. grew its holdings in shares of 3M by 1.4% in the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate's stock valued at $25,511,000 after purchasing an additional 2,678 shares in the last quarter. FMR LLC grew its holdings in shares of 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares in the last quarter. Finally, USA Financial Formulas acquired a new position in shares of 3M in the fourth quarter valued at approximately $816,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Down 2.8 %

Shares of NYSE:MMM traded down $4.27 during trading on Thursday, hitting $145.97. 3,294,913 shares of the company were exchanged, compared to its average volume of 4,233,955. The stock has a market capitalization of $79.25 billion, a P/E ratio of 19.33, a PEG ratio of 3.30 and a beta of 0.97. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. 3M has a 12-month low of $85.48 and a 12-month high of $156.35. The firm's 50 day moving average price is $146.01 and its 200-day moving average price is $136.69.

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3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. The business had revenue of $6.01 billion during 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 company's revenue was down 25.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.42 EPS. On average, research analysts predict 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 was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.00%. This is a boost from 3M's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. 3M's payout ratio is presently 38.68%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MMM. Bank of America lifted their price objective on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Barclays lifted their price objective on shares of 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, January 22nd. Royal Bank of Canada restated an "underperform" rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Citigroup lifted their price objective on shares of 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of 3M from $162.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $149.13.

Insider Activity

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the business's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now directly owns 194 shares of the company's stock, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business's stock in a transaction 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 transaction, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock valued at $17,163,446 in the last ninety days. 0.38% of the stock is currently owned by company insiders.

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.