Marietta Investment Partners LLC Sells 2,000 Shares of 3M (NYSE:MMM)

Marietta Investment Partners LLC decreased its stake in shares of 3M (NYSE:MMM) by 17.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,210 shares of the conglomerate’s stock after selling 2,000 shares during the period. Marietta Investment Partners LLC’s holdings in 3M were worth $1,189,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Umpqua Bank raised its stake in shares of 3M by 22.8% during the 4th quarter. Umpqua Bank now owns 3,560 shares of the conglomerate’s stock valued at $488,000 after purchasing an additional 660 shares during the period. Sei Investments Co. increased its position in shares of 3M by 13.3% during the 4th quarter. Sei Investments Co. now owns 147,942 shares of the conglomerate’s stock valued at $19,099,000 after purchasing an additional 17,330 shares during the last quarter. American Century Companies Inc. boosted its holdings in 3M by 12.0% during the 4th quarter. American Century Companies Inc. now owns 102,773 shares of the conglomerate’s stock valued at $13,267,000 after acquiring an additional 11,032 shares during the period. Mizuho Securities USA LLC lifted its holdings in 3M by 44.9% in the 4th quarter. Mizuho Securities USA LLC now owns 51,612 shares of the conglomerate’s stock worth $6,663,000 after buying an additional 15,989 shares during the period. Finally, Sciencast Management LP lifted its holdings in 3M by 165.2% in the 4th quarter. Sciencast Management LP now owns 13,616 shares of the conglomerate’s stock worth $1,758,000 after buying an additional 8,482 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Activity

In related news, CAO Theresa E. Reinseth sold 2,309 shares of the stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $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. Over the last three months, insiders sold 113,639 shares of company stock valued at $17,163,446. Insiders own 0.34% of the company’s stock.

3M Stock Down 0.6 %

MMM stock opened at $150.35 on Friday. The firm has a market cap of $81.63 billion, a PE ratio of 19.91, 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 one year low of $85.62 and a one year high of $156.35. The firm’s 50 day moving average price is $148.35 and its 200-day moving average price is $137.47.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The business 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 was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.42 earnings per share. On average, equities research analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.94%. The ex-dividend date was Friday, February 14th. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is currently 38.68%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MMM. Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 target price on shares of 3M in a research report 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 note on Thursday, March 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Friday, March 7th. Barclays boosted their price target on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.13.

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.