Pinnbrook Capital Management LP Has $3.99 Million Holdings in 3M (NYSE:MMM)

Pinnbrook Capital Management LP lowered its stake in shares of 3M (NYSE:MMM - Free Report) by 89.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,872 shares of the conglomerate's stock after selling 261,061 shares during the quarter. Pinnbrook Capital Management LP's holdings in 3M were worth $3,985,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of MMM. Financial Life Planners acquired a new stake in 3M in the 4th quarter worth $25,000. FSA Wealth Management LLC acquired a new stake in 3M during the third quarter worth about $27,000. McClarren Financial Advisors Inc. grew its position in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock worth $30,000 after buying an additional 121 shares in the last quarter. Daymark Wealth Partners LLC raised its holdings 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 acquiring an additional 19,552 shares in the last quarter. Finally, ORG Partners LLC lifted its position in shares of 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock worth $41,000 after acquiring an additional 98 shares during the period. Institutional investors own 65.25% of the company's stock.

Insider Activity

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the company's stock in a transaction on Friday, January 31st. The stock was 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 approximately $29,918.68. This represents a 90.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the sale, the chief accounting officer now directly owns 4,417 shares of the company's stock, valued at $662,329.15. This trade represents a 34.33 % 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 over the last three months. 0.34% of the stock is owned by insiders.

3M Price Performance

MMM stock traded down $4.21 during midday trading on Friday, reaching $144.87. 4,278,493 shares of the company's stock traded hands, compared to its average volume of 3,924,529. The company has a 50-day simple moving average of $140.62 and a two-hundred day simple moving average of $134.56. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 1-year low of $75.40 and a 1-year high of $155.00. The company has a market cap of $78.65 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 3.32 and a beta of 0.96.

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. The company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm's quarterly revenue was down 25.0% compared to the same quarter last year. During the same period last year, the company posted $2.42 earnings per share. On average, analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.02%. This is a positive change from 3M's previous quarterly dividend of $0.70. The ex-dividend date is Friday, February 14th. 3M's dividend payout ratio is presently 38.68%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MMM. Weiss Ratings restated a "hold (c)" rating on shares of 3M in a research report on Wednesday. Royal Bank of Canada reissued an "underperform" rating and issued a $96.00 price target on shares of 3M in a report on Wednesday, January 22nd. UBS Group upgraded shares of 3M from a "neutral" rating to a "buy" rating and increased their price objective for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Citigroup lifted their target price on shares of 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research report on Wednesday, January 22nd. Finally, Barclays increased their price target on shares of 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 22nd. Two 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $148.87.

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.