Envestnet Portfolio Solutions Inc. Lowers Holdings in 3M (NYSE:MMM)

Envestnet Portfolio Solutions Inc. reduced its holdings in shares of 3M (NYSE:MMM - Free Report) by 5.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,627 shares of the conglomerate's stock after selling 3,105 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in 3M were worth $6,406,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Assetmark Inc. grew its position in shares of 3M by 51.0% in the third quarter. Assetmark Inc. now owns 651 shares of the conglomerate's stock valued at $89,000 after purchasing an additional 220 shares in the last quarter. Natixis Advisors LLC boosted its stake in 3M by 44.8% in the 3rd quarter. Natixis Advisors LLC now owns 154,449 shares of the conglomerate's stock worth $21,113,000 after purchasing an additional 47,817 shares during the period. Tower Bridge Advisors purchased a new position in 3M during the 3rd quarter valued at about $422,000. Thrivent Financial for Lutherans increased its position in shares of 3M by 5.6% during the third quarter. Thrivent Financial for Lutherans now owns 64,013 shares of the conglomerate's stock valued at $8,751,000 after buying an additional 3,404 shares during the period. Finally, TrinityPoint Wealth LLC lifted its holdings in shares of 3M by 2.1% in the third quarter. TrinityPoint Wealth LLC now owns 15,074 shares of the conglomerate's stock worth $2,061,000 after buying an additional 317 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Insider Activity

In other 3M news, Chairman Michael F. Roman sold 49,598 shares of the company'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 sale, the chairman now owns 180,895 shares in the company, valued at approximately $27,550,308.50. This represents a 21.52 % 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, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now owns 194 shares of the company's stock, valued at $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 in the last quarter. 0.34% of the stock is owned by company insiders.

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3M Trading Down 0.6 %

NYSE:MMM traded down $0.92 during trading hours on Friday, hitting $150.35. The company had a trading volume of 5,538,486 shares, compared to its average volume of 4,052,191. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The stock has a 50-day moving average price of $147.96 and a 200 day moving average price of $137.36. The company has a market capitalization of $81.63 billion, a PE ratio of 19.91, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. 3M has a 52 week low of $85.62 and a 52 week high of $156.35.

3M (NYSE:MMM - Get Free Report) last announced 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 net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the previous year, the firm posted $2.42 EPS. The company's revenue for the quarter was down 25.0% compared to the same quarter last year. On average, equities research analysts predict that 3M will post 7.8 EPS 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 represents a $2.92 annualized dividend and a dividend yield of 1.94%. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio is currently 38.68%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Barclays upped their target price on shares of 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, January 22nd. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Royal Bank of Canada restated an "underperform" rating and set a $96.00 target price on shares of 3M in a research report on Thursday, February 27th. JPMorgan Chase & Co. upped their target price on 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 22nd. Finally, Citigroup lifted their price target on 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $149.13.

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.