Kestra Investment Management LLC Decreases Stock Position in 3M (NYSE:MMM)

Kestra Investment Management LLC cut its position in 3M (NYSE:MMM) by 29.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,285 shares of the conglomerate’s stock after selling 2,976 shares during the quarter. Kestra Investment Management LLC’s holdings in 3M were worth $940,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in MMM. State Street Corp raised its holdings in 3M by 1.1% in the third quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock valued at $3,717,503,000 after acquiring an additional 302,900 shares in the last quarter. FMR LLC raised its holdings in 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in 3M by 1.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock valued at $521,596,000 after acquiring an additional 43,942 shares in the last quarter. National Pension Service raised its holdings in 3M by 14.5% in the third quarter. National Pension Service now owns 1,268,003 shares of the conglomerate’s stock valued at $173,336,000 after acquiring an additional 161,036 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in 3M by 11,601.2% in the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after acquiring an additional 1,250,491 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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 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 approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the firm’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $150.25, for a total transaction of $247,161.25. Following the transaction, the insider now owns 5,153 shares of the company’s stock, valued at approximately $774,238.25. This trade represents a 24.20 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,639 shares of company stock worth $17,163,446. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on MMM shares. Bank of America increased their target price on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a report on Saturday, February 1st. JPMorgan Chase & Co. increased their target price on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $148.87.

3M Stock Performance

Shares of MMM opened at $148.85 on Wednesday. The firm has a 50-day moving average price of $139.53 and a 200 day moving average price of $134.20. The firm has a market capitalization of $80.81 billion, a PE ratio of 19.71, a P/E/G ratio of 3.37 and a beta of 0.96. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 52-week low of $75.40 and a 52-week high of $155.00.

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. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. 3M’s revenue was down 25.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.42 EPS. On average, sell-side analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be given a dividend of $0.73 per share. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.96%. 3M’s dividend payout ratio (DPR) is 38.68%.

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.