3M (NYSE:MMM) Shares Sold by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC trimmed its holdings in 3M (NYSE:MMM) by 6.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 172,932 shares of the conglomerate’s stock after selling 11,564 shares during the period. Manning & Napier Advisors LLC’s holdings in 3M were worth $22,324,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of MMM. FSA Wealth Management LLC acquired a new stake in shares of 3M during the 3rd quarter worth $27,000. Daymark Wealth Partners LLC grew its holdings in shares of 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 17,211 shares during the period. McClarren Financial Advisors Inc. raised its holdings in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares during the period. ORG Partners LLC increased its position in shares of 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after acquiring an additional 98 shares in the last quarter. Finally, True Wealth Design LLC boosted its position in 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 296 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Up 0.6 %

MMM traded up $0.95 on Wednesday, reaching $152.35. 468,152 shares of the company traded hands, compared to its average volume of 4,514,665. The stock’s 50 day moving average price is $133.72 and its 200-day moving average price is $130.23. The company has a market cap of $82.96 billion, a price-to-earnings ratio of 20.21, a PEG ratio of 2.46 and a beta of 0.95. 3M has a 52-week low of $75.40 and a 52-week high of $152.96. 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) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. The business 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 revenue was down 25.0% on a year-over-year basis. During the same period in the previous year, the company earned $2.42 EPS. On average, sell-side analysts expect that 3M will post 7.66 EPS for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.84%. 3M’s payout ratio is 37.09%.

Insider Activity

In other news, CAO Theresa E. Reinseth sold 2,309 shares of the business’s 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 sale, the chief accounting officer now owns 4,417 shares in the company, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of 3M stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $150.25, for a total transaction of $247,161.25. Following the completion of the transaction, the insider now owns 5,153 shares of the company’s stock, valued at $774,238.25. This trade represents a 24.20 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,291 shares of company stock worth $9,339,786. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on MMM shares. Mizuho upped their target price on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and upped their price objective for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 price target on shares of 3M in a research report on Wednesday, January 22nd. Finally, Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $140.00 to $170.00 in a 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 assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $148.87.

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.