Sagespring Wealth Partners LLC Takes Position in 3M (NYSE:MMM)

Sagespring Wealth Partners LLC purchased a new position in 3M (NYSE:MMM) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,896 shares of the conglomerate’s stock, valued at approximately $503,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wayfinding Financial LLC bought a new position in shares of 3M during the fourth quarter valued at $851,000. Franklin Resources Inc. grew its position in 3M by 26.8% during the 3rd 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 during the last quarter. Meyer Handelman Co. increased its stake in 3M by 1.4% during the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock valued at $25,511,000 after purchasing an additional 2,678 shares in the last quarter. USA Financial Formulas purchased a new position in 3M in the fourth quarter worth about $816,000. Finally, Braun Stacey Associates Inc. lifted its stake in shares of 3M by 18.4% in the fourth quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate’s stock worth $18,408,000 after buying an additional 22,203 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of 3M stock opened at $136.01 on Tuesday. The stock’s fifty day moving average is $146.04 and its 200 day moving average is $138.38. 3M has a one year low of $90.17 and a one year high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The stock has a market cap of $73.35 billion, a P/E ratio of 18.01, a P/E/G ratio of 3.30 and a beta of 1.01.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business’s quarterly revenue was down 25.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.42 EPS. Sell-side analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.15%. 3M’s dividend payout ratio is 38.68%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of 3M from $165.00 to $140.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a report on Tuesday, April 8th. Royal Bank of Canada restated an “underperform” rating and set a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Finally, Barclays reduced their price target on shares of 3M from $165.00 to $160.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $146.47.

Insider Activity

In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of the stock in a transaction that occurred 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 directly owns 4,417 shares of the company’s stock, valued at $662,329.15. This trade represents a 34.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of 3M stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $150.25, for a total transaction of $247,161.25. Following the sale, the insider now owns 5,153 shares in the company, valued at approximately $774,238.25. The trade was a 24.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 in the last three months. Company insiders own 0.34% of the company’s stock.

About 3M

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.