Zacks Investment Management Decreases Holdings in 3M (NYSE:MMM)

Zacks Investment Management cut its position in shares of 3M (NYSE:MMM) by 9.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 392,986 shares of the conglomerate’s stock after selling 38,638 shares during the period. Zacks Investment Management’s holdings in 3M were worth $50,731,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Financial Life Planners purchased a new stake in 3M in the 4th quarter worth approximately $25,000. Hazlett Burt & Watson Inc. purchased a new stake in shares of 3M in the fourth quarter worth about $27,000. Meeder Asset Management Inc. raised its holdings in shares of 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock valued at $40,000 after buying an additional 214 shares during the period. ORG Partners LLC boosted its holdings in 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after acquiring an additional 98 shares during the period. Finally, Catalyst Capital Advisors LLC grew its position in 3M by 81.5% in the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock valued at $47,000 after acquiring an additional 163 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Down 0.6 %

Shares of NYSE:MMM opened at $135.24 on Wednesday. The company has a 50 day moving average of $145.70 and a 200-day moving average of $138.36. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. 3M has a one year low of $90.17 and a one year high of $156.35. The stock has a market cap of $72.94 billion, a price-to-earnings ratio of 17.91, a P/E/G ratio of 3.30 and a beta of 1.01.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate 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 net margin of 15.71% and a return on equity of 100.77%. 3M’s quarterly revenue was down 25.0% compared to the same quarter last year. During the same quarter last year, the firm earned $2.42 EPS. On average, sell-side analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.16%. 3M’s dividend payout ratio is currently 38.68%.

Wall Street Analysts Forecast Growth

MMM has been the subject of several recent analyst reports. JPMorgan Chase & Co. lowered their target price on 3M from $165.00 to $140.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Citigroup lowered their target price on shares of 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a research note on Monday. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a report on Tuesday, April 8th. Wells Fargo & Company upgraded 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. Finally, Barclays cut their price objective on shares of 3M from $165.00 to $160.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $146.47.

Insider Activity at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction 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 sale, the insider now owns 5,024 shares of the company’s stock, valued at $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Michael F. Roman sold 49,598 shares of 3M stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the completion of the sale, the chairman now owns 180,895 shares in the company, valued at $27,550,308.50. The trade was a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by corporate insiders.

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.