3M (NYSE:MMM) Shares Sold by Clarkston Capital Partners LLC

Clarkston Capital Partners LLC decreased its holdings in 3M (NYSE:MMM - Free Report) by 26.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 102,714 shares of the conglomerate's stock after selling 37,820 shares during the quarter. Clarkston Capital Partners LLC's holdings in 3M were worth $13,259,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Financial Life Planners purchased a new position in shares of 3M in the 4th quarter valued at about $25,000. Proficio Capital Partners LLC acquired a new position in 3M in the fourth quarter valued at $26,000. Hazlett Burt & Watson Inc. acquired a new stake in 3M during the 4th quarter worth approximately $27,000. Daymark Wealth Partners LLC grew its position in 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock valued at $31,000 after buying an additional 19,552 shares during the last quarter. Finally, Meeder Asset Management Inc. increased its stake in shares of 3M by 230.1% during the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after acquiring an additional 214 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Transactions at 3M

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of the business's stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 4,417 shares of the company's stock, valued at approximately $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,639 shares of company stock worth $17,163,446. Insiders own 0.34% of the company's stock.

Remove Ads

3M Stock Performance

Shares of NYSE:MMM traded down $6.19 during trading on Thursday, reaching $132.13. 2,095,630 shares of the company's stock traded hands, compared to its average volume of 4,120,037. The stock has a market capitalization of $71.26 billion, a P/E ratio of 17.48, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. 3M has a 12 month low of $90.17 and a 12 month high of $156.35. The company has a 50 day moving average of $147.03 and a 200-day moving average of $138.43. 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 (NYSE:MMM - Get Free Report) last announced 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. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $6.01 billion for the quarter, compared to analysts' expectations of $5.77 billion. During the same period in the prior year, the firm earned $2.42 EPS. The business's quarterly revenue was down 25.0% on a year-over-year basis. On average, equities analysts expect that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This is an increase from 3M's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.21%. 3M's payout ratio is 38.68%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on MMM shares. Bank of America upped 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. Citigroup increased their target price on 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Tuesday. Finally, JPMorgan Chase & Co. reduced their price target on 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $147.13.

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.