Zacks Investment Management Sells 38,638 Shares of 3M (NYSE:MMM)

Zacks Investment Management trimmed its position in 3M (NYSE:MMM) by 9.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 392,986 shares of the conglomerate’s stock after selling 38,638 shares during the quarter. Zacks Investment Management owned approximately 0.07% of 3M worth $50,731,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Financial Life Planners acquired a new stake in 3M during the 4th quarter worth $25,000. Proficio Capital Partners LLC bought a new stake in shares of 3M in the fourth quarter valued at about $26,000. Hazlett Burt & Watson Inc. acquired a new position in shares of 3M during the fourth quarter worth about $27,000. Daymark Wealth Partners LLC raised its position 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 buying an additional 19,552 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its position in 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock worth $40,000 after acquiring an additional 214 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of 3M stock in a transaction dated Monday, January 27th. The stock was 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 of the company’s stock, valued at $774,238.25. The trade was a 24.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,639 shares of company stock valued at $17,163,446. Insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of MMM stock opened at $135.24 on Wednesday. The stock has a 50 day moving average price of $145.70 and a 200 day moving average price of $138.36. The firm has a market capitalization of $72.94 billion, a P/E ratio of 17.91, a P/E/G ratio of 3.30 and a beta of 1.01. 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 $90.17 and a 52-week high of $156.35.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. During the same quarter in the previous year, the firm posted $2.42 EPS. The firm’s revenue was down 25.0% compared to the same quarter last year. As a group, sell-side analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a $0.73 dividend. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 2.16%. 3M’s dividend payout ratio is presently 38.68%.

Wall Street Analyst Weigh In

MMM has been the topic of a number of recent analyst reports. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 price target on shares of 3M in a research report on Thursday, February 27th. Barclays reduced their target price on 3M from $165.00 to $160.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Citigroup lowered their target price on 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a report on Monday. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $146.47.

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.