Canvas Wealth Advisors LLC Sells 6,731 Shares of 3M (NYSE:MMM)

Canvas Wealth Advisors LLC lessened its holdings in shares of 3M (NYSE:MMM) by 11.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 51,012 shares of the conglomerate’s stock after selling 6,731 shares during the period. 3M accounts for 1.7% of Canvas Wealth Advisors LLC’s portfolio, making the stock its 19th largest position. Canvas Wealth Advisors LLC’s holdings in 3M were worth $6,585,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MMM. Financial Life Planners bought a new stake in 3M in the fourth quarter valued at about $25,000. FSA Wealth Management LLC acquired a new position in shares of 3M during the 3rd quarter worth about $27,000. McClarren Financial Advisors Inc. increased its stake in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares during the last quarter. True Wealth Design LLC raised its position in shares of 3M by 2,466.7% in the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 296 shares during the period. Finally, ORG Partners LLC raised 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 valued at $41,000 after acquiring an additional 98 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of MMM opened at $149.90 on Monday. The stock has a market capitalization of $81.38 billion, a price-to-earnings ratio of 19.85, a PEG ratio of 3.37 and a beta of 0.96. 3M has a 12 month low of $75.40 and a 12 month high of $155.00. The firm has a fifty day simple moving average of $137.11 and a 200 day simple moving average of $132.72. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company’s quarterly revenue was down 25.0% on a year-over-year basis. During the same period in the prior year, the business posted $2.42 EPS. Research analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given a dividend of $0.73 per share. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.95%. 3M’s payout ratio is 38.68%.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of 3M in a report on Saturday, February 1st. Bank of America upped their price objective on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 target price on shares of 3M in a research note on Wednesday, January 22nd. Barclays increased their price target on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.87.

Insider Activity

In other 3M news, Chairman Michael F. Roman sold 49,598 shares of the 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 transaction, the chairman now directly owns 180,895 shares of the company’s stock, valued at $27,550,308.50. This represents a 21.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm’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 transaction of $346,234.55. Following the sale, the chief accounting officer now 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. In the last 90 days, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by insiders.

3M 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.