1858 Wealth Management LLC Sells 88 Shares of 3M (NYSE:MMM)

1858 Wealth Management LLC decreased its holdings in shares of 3M (NYSE:MMM) by 4.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 1,932 shares of the conglomerate’s stock after selling 88 shares during the period. 1858 Wealth Management LLC’s holdings in 3M were worth $249,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. FMR LLC raised its stake in shares of 3M by 88.7% in the third 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. International Assets Investment Management LLC raised its position in 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after buying an additional 1,250,491 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of 3M during the 3rd quarter valued at about $82,208,000. Parsifal Capital Management LP grew its stake in shares of 3M by 179.0% in 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 during the period. Finally, Bank of Montreal Can grew its stake in shares of 3M by 39.1% in the third quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate’s stock worth $151,002,000 after acquiring an additional 308,912 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on MMM shares. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a report on Tuesday, October 22nd. Mizuho lifted their price objective on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. increased their target price on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Finally, Bank of America upped their price target 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. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and an average target price of $148.87.

3M Stock Performance

MMM opened at $151.73 on Wednesday. The company has a 50 day simple moving average of $135.61 and a two-hundred day simple moving average of $131.59. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The firm has a market cap of $82.62 billion, a P/E ratio of 20.10, a PEG ratio of 3.37 and a beta of 0.96. 3M has a 1-year low of $75.40 and a 1-year high of $155.00.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping 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 company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the prior year, the firm posted $2.42 EPS. 3M’s quarterly revenue was down 25.0% compared to the same quarter last year. Equities analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.92%. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is currently 37.09%.

Insider Activity at 3M

In related news, Chairman Michael F. Roman sold 45,276 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $150.01, for a total transaction of $6,791,852.76. Following the completion of the transaction, the chairman now directly owns 175,718 shares of the company’s stock, valued at approximately $26,359,457.18. This trade represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the sale, the chief accounting officer now owns 4,417 shares in the company, valued at approximately $662,329.15. This 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 have sold 113,639 shares of company stock valued at $17,163,446. 0.38% of the stock is owned by company 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.