Walter & Keenan Wealth Management LLC IN ADV Has $880,000 Stock Holdings in 3M (NYSE:MMM)

Walter & Keenan Wealth Management LLC IN ADV lowered its stake in 3M (NYSE:MMM) by 3.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,816 shares of the conglomerate’s stock after selling 235 shares during the quarter. Walter & Keenan Wealth Management LLC IN ADV’s holdings in 3M were worth $880,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MMM. D.A. Davidson & CO. grew its stake in shares of 3M by 16.2% during the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock worth $20,004,000 after acquiring an additional 20,421 shares in the last quarter. Franklin Resources Inc. grew its position in 3M by 26.8% in the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after purchasing an additional 178,450 shares in the last quarter. Meyer Handelman Co. increased its stake in 3M by 1.4% in the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock valued at $25,511,000 after buying an additional 2,678 shares during the last quarter. Ballentine Partners LLC lifted its position in 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after buying an additional 5,210 shares in the last quarter. Finally, Stonegate Investment Group LLC boosted its stake in shares of 3M by 5.6% during the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after buying an additional 13,473 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Buying and Selling

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the transaction, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the transaction, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock valued at $17,163,446 over the last 90 days. 0.34% of the stock is owned by corporate insiders.

3M Stock Performance

NYSE:MMM opened at $149.90 on Monday. The stock has a 50 day simple moving average of $137.11 and a 200 day simple moving average of $132.72. The stock has a market cap of $81.38 billion, a P/E ratio of 19.85, 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. 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 announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $5.77 billion. During the same quarter in the previous year, the business posted $2.42 earnings per share. 3M’s quarterly revenue was down 25.0% on a year-over-year basis. Research analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.95%. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, February 14th. 3M’s payout ratio is presently 37.09%.

Analysts Set New Price Targets

Several research firms recently issued reports on MMM. Mizuho upped their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a research note on Saturday, February 1st. JPMorgan Chase & Co. raised their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 price target on shares of 3M in a research report on Wednesday, January 22nd. Finally, Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and an average price target of $148.87.

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.