Simplicity Wealth LLC Sells 3,534 Shares of 3M (NYSE:MMM)

Simplicity Wealth LLC cut its holdings in shares of 3M (NYSE:MMM - Free Report) by 68.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,614 shares of the conglomerate's stock after selling 3,534 shares during the quarter. Simplicity Wealth LLC's holdings in 3M were worth $208,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in MMM. FMR LLC increased its holdings in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. Amundi increased its stake in 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock valued at $337,815,000 after acquiring an additional 898,244 shares during the last quarter. Raymond James Financial Inc. bought a new position in 3M in the fourth quarter valued at approximately $103,788,000. Jennison Associates LLC bought a new position in 3M in the third quarter valued at approximately $82,208,000. Finally, Parsifal Capital Management LP increased its stake in 3M by 179.0% in the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate's stock valued at $112,107,000 after acquiring an additional 526,194 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Insider Buying and Selling

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of 3M stock in a transaction on Monday, January 27th. The shares were sold at an average price of $150.25, for a total value of $247,161.25. Following the completion of the sale, the insider now directly owns 5,153 shares of the company's stock, valued at approximately $774,238.25. The trade was a 24.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M 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 sale, the insider now directly owns 5,024 shares of the company's stock, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 over the last quarter. Insiders own 0.34% of the company's stock.

3M Price Performance

Shares of NYSE:MMM opened at $147.74 on Wednesday. The firm has a market cap of $80.21 billion, a PE ratio of 19.57, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The firm's fifty day moving average is $145.26 and its 200-day moving average is $136.53. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a 52 week low of $81.23 and a 52 week high of $156.35.

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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, topping 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 business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter last year, the firm earned $2.42 earnings per share. 3M's quarterly revenue was down 25.0% on a year-over-year basis. Sell-side analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date is Friday, February 14th. This is an increase from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio (DPR) is currently 38.68%.

Analyst Ratings Changes

A number of brokerages recently issued reports on MMM. 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 research note on Wednesday, January 22nd. Royal Bank of Canada reissued an "underperform" rating and issued a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. UBS Group raised shares of 3M from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Barclays raised their target price on shares of 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, January 22nd. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Friday, March 7th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, 3M currently has an average rating of "Moderate Buy" and a consensus target price 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.

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