1858 Wealth Management LLC Reduces Stock Holdings in 3M (NYSE:MMM)

1858 Wealth Management LLC reduced its position in 3M (NYSE:MMM) by 4.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,932 shares of the conglomerate’s stock after selling 88 shares during the quarter. 1858 Wealth Management LLC’s holdings in 3M were worth $249,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Gilbert & Cook Inc. lifted its holdings in 3M by 1.5% during the fourth quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate’s stock valued at $659,000 after purchasing an additional 73 shares during the last quarter. Childress Capital Advisors LLC grew its stake in 3M by 5.1% in the 4th quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate’s stock valued at $203,000 after buying an additional 76 shares in the last quarter. CVA Family Office LLC raised its holdings in 3M by 1.9% during the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after acquiring an additional 79 shares during the period. Wynn Capital LLC lifted its position in shares of 3M by 0.7% during the fourth quarter. Wynn Capital LLC now owns 11,690 shares of the conglomerate’s stock worth $1,509,000 after acquiring an additional 80 shares in the last quarter. Finally, Harbour Investments Inc. grew its position in shares of 3M by 0.8% in the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after purchasing an additional 81 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Up 1.1 %

Shares of NYSE:MMM opened at $151.73 on Wednesday. The stock has a market capitalization of $82.62 billion, a P/E ratio of 20.10, a price-to-earnings-growth 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 stock’s 50-day moving average price is $135.61 and its 200-day moving average price is $131.59. 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 released its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating 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 firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the prior year, the firm posted $2.42 earnings per share. The business’s quarterly revenue was down 25.0% compared to the same quarter last year. On average, equities analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.92%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is 37.09%.

Insider Transactions at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now owns 194 shares in the company, valued at $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Michael F. Roman sold 49,598 shares of the company’s 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 completion of the transaction, the chairman now owns 180,895 shares of the company’s stock, valued at $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. Over the last ninety days, insiders sold 113,639 shares of company stock worth $17,163,446. Company insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. UBS Group raised 3M from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Wells Fargo & Company raised shares of 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 note on Wednesday, January 22nd. Mizuho increased their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Weiss Ratings restated a “hold (c)” rating on shares of 3M in a research report on Saturday. Finally, Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price objective on shares of 3M 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 given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $148.87.

3M Company 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.