Envestnet Portfolio Solutions Inc. Has $6.41 Million Stock Position in 3M (NYSE:MMM)

Envestnet Portfolio Solutions Inc. lowered its stake in 3M (NYSE:MMM) by 5.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 49,627 shares of the conglomerate’s stock after selling 3,105 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in 3M were worth $6,406,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Financial Life Planners acquired a new position in 3M in the 4th quarter valued at about $25,000. FSA Wealth Management LLC bought a new stake in 3M in the 3rd quarter valued at about $27,000. True Wealth Design LLC boosted its holdings in 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 purchasing an additional 296 shares during the period. ORG Partners LLC boosted its holdings in 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 purchasing an additional 98 shares during the period. Finally, Catalyst Capital Advisors LLC boosted its holdings in 3M by 81.5% in the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock valued at $47,000 after purchasing an additional 163 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MMM. Bank of America boosted their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Citigroup upped their price target on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a report on Friday, March 7th. Finally, Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 price target on shares of 3M in a report on Thursday, February 27th. 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 stock. Based on data from MarketBeat, 3M has an average rating of “Moderate Buy” and a consensus target price of $149.13.

Insider Transactions at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the stock in a transaction 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 sale, the insider now directly owns 5,153 shares in the company, valued at $774,238.25. This represents a 24.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Michael F. Roman sold 49,598 shares of the stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the sale, the chairman now owns 180,895 shares of the company’s stock, valued at approximately $27,550,308.50. This trade represents a 21.52 % 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 over the last three months. 0.34% of the stock is owned by company insiders.

3M Trading Up 1.9 %

Shares of NYSE MMM opened at $153.31 on Tuesday. 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 $85.62 and a 52-week high of $156.35. The firm has a 50 day moving average price of $146.89 and a two-hundred day moving average price of $137.04. The stock has a market cap of $83.23 billion, a P/E ratio of 20.31, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

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. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the prior year, the company posted $2.42 EPS. The company’s revenue was down 25.0% on a year-over-year basis. As a group, equities analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a $0.73 dividend. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Friday, February 14th. 3M’s dividend payout ratio is 38.68%.

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.