Mark Sheptoff Financial Planning LLC Has $1.03 Million Position in 3M (NYSE:MMM)

Mark Sheptoff Financial Planning LLC decreased its stake in 3M (NYSE:MMM) by 1.2% in the 4th quarter, Holdings Channel.com reports. The fund owned 7,963 shares of the conglomerate’s stock after selling 100 shares during the quarter. Mark Sheptoff Financial Planning LLC’s holdings in 3M were worth $1,028,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of MMM. FMR LLC increased its position in shares of 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the last quarter. Amundi grew its stake in shares of 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after buying an additional 898,244 shares in the last quarter. Raymond James Financial Inc. acquired a new position in 3M during the fourth quarter worth $103,788,000. Parsifal Capital Management LP raised its position in 3M by 179.0% during the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after acquiring an additional 526,194 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in 3M by 9.2% in the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock valued at $734,456,000 after acquiring an additional 479,621 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Up 0.2 %

Shares of NYSE MMM opened at $153.53 on Wednesday. The stock has a market capitalization of $83.35 billion, a P/E ratio of 20.34, a PEG ratio of 3.30 and a beta of 0.97. 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 stock’s fifty day moving average is $149.05 and its 200 day moving average is $137.88.

3M (NYSE:MMM) last issued 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 company had revenue of $6.01 billion for 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 company’s revenue for the quarter was down 25.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.42 EPS. Sell-side analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

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

Insider Buying and Selling

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was 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 directly owns 5,024 shares in the company, valued at $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the transaction, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 in the last ninety days. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MMM shares. Royal Bank of Canada restated an “underperform” rating and set a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. Bank of America boosted their price target on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research note on Saturday. Finally, JPMorgan Chase & Co. lifted their price objective on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and a consensus target price of $149.13.

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.