Frazier Financial Advisors LLC Lowers Stock Holdings in 3M (NYSE:MMM)

Frazier Financial Advisors LLC lessened its holdings in shares of 3M (NYSE:MMM) by 5.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,362 shares of the conglomerate’s stock after selling 83 shares during the quarter. Frazier Financial Advisors LLC’s holdings in 3M were worth $176,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. State Street Corp lifted its position in 3M by 1.1% during the third quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock worth $3,717,503,000 after buying an additional 302,900 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of 3M by 9.2% during the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after acquiring an additional 479,621 shares during the period. Norges Bank acquired a new stake in shares of 3M in the fourth quarter worth approximately $636,767,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew 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 purchasing an additional 43,942 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in 3M by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,577,045 shares of the conglomerate’s stock worth $461,761,000 after purchasing an additional 17,228 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Down 2.8 %

NYSE:MMM opened at $148.48 on Friday. The company has a market cap of $80.61 billion, a PE ratio of 19.67, a P/E/G ratio of 3.30 and a beta of 0.97. The business’s 50 day moving average is $149.52 and its two-hundred day moving average is $138.06. 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 $87.45 and a 52 week high of $156.35.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same period in the prior year, the company earned $2.42 earnings per share. The business’s revenue was down 25.0% compared to the same quarter last year. On average, analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a $0.73 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.97%. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is presently 38.68%.

Insider Buying and Selling at 3M

In other news, Chairman Michael F. Roman sold 45,276 shares of 3M stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $150.01, for a total value of $6,791,852.76. Following the transaction, the chairman now owns 175,718 shares of the company’s stock, valued at $26,359,457.18. The trade was a 20.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the transaction, the chief accounting officer now directly owns 4,417 shares in the company, valued at $662,329.15. This represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock valued at $17,163,446 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Bank of America boosted their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Citigroup upped their price target on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. lifted their price objective on 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 reiterated an “underperform” rating and set a $96.00 target price on shares of 3M in a report on Thursday, February 27th. Finally, Barclays raised their target price on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $149.13.

3M Company 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.