Summitry LLC Trims Stake in 3M (NYSE:MMM)

Summitry LLC trimmed its position in shares of 3M (NYSE:MMM - Free Report) by 20.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,405 shares of the conglomerate's stock after selling 9,835 shares during the quarter. Summitry LLC's holdings in 3M were worth $4,829,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in MMM. Ariadne Wealth Management LP raised its position in shares of 3M by 5.2% in the fourth quarter. Ariadne Wealth Management LP now owns 2,838 shares of the conglomerate's stock worth $366,000 after acquiring an additional 141 shares during the period. Zions Bancorporation N.A. raised its holdings in 3M by 254.0% in the 4th quarter. Zions Bancorporation N.A. now owns 446 shares of the conglomerate's stock worth $58,000 after purchasing an additional 320 shares during the period. TIAA Trust National Association boosted its position in 3M by 2.0% during the fourth quarter. TIAA Trust National Association now owns 55,071 shares of the conglomerate's stock worth $7,109,000 after purchasing an additional 1,061 shares in the last quarter. CoreFirst Bank & Trust purchased a new stake in shares of 3M in the fourth quarter valued at approximately $114,000. Finally, Prudential Financial Inc. raised its stake in shares of 3M by 2.2% during the 4th quarter. Prudential Financial Inc. now owns 1,440,005 shares of the conglomerate's stock worth $185,890,000 after buying an additional 30,506 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on MMM shares. JPMorgan Chase & Co. lifted their price target on shares of 3M from $162.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, January 22nd. Bank of America boosted their target price 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. Barclays raised their price target on shares of 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, January 22nd. Royal Bank of Canada reiterated an "underperform" rating and set a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Saturday, March 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, 3M presently has a consensus rating of "Moderate Buy" and a consensus target price of $149.13.

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3M Trading Down 2.5 %

NYSE:MMM traded down $3.70 on Friday, hitting $144.74. The stock had a trading volume of 2,581,499 shares, compared to its average volume of 4,133,279. The company has a fifty day moving average price of $149.60 and a two-hundred day moving average price of $138.23. 3M has a 1-year low of $88.23 and a 1-year high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The stock has a market cap of $78.58 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 3.30 and a beta of 0.97.

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. 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 analyst estimates of $5.77 billion. During the same period in the prior year, the business posted $2.42 earnings per share. The firm's revenue for the quarter was down 25.0% compared to the same quarter last year. Equities research analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.02%. This is an increase from 3M's previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M's payout ratio is 38.68%.

Insider Transactions at 3M

In related news, CAO Theresa E. Reinseth sold 2,309 shares of the firm's stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the transaction, the chief accounting officer now directly owns 4,417 shares in the company, valued at $662,329.15. This trade represents a 34.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm'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 transaction, the insider now directly owns 5,024 shares of the company's stock, valued at $750,736.32. This represents a 55.70 % decrease in their position. 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 insiders.

3M 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.