DT Investment Partners LLC Cuts Stake in 3M (NYSE:MMM)

DT Investment Partners LLC trimmed its position in shares of 3M (NYSE:MMM) by 12.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 10,245 shares of the conglomerate’s stock after selling 1,505 shares during the quarter. DT Investment Partners LLC’s holdings in 3M were worth $1,323,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. First Merchants Corp purchased a new stake in 3M during the 4th quarter valued at $268,000. Palacios Wealth Management LLC purchased a new stake in shares of 3M during the fourth quarter valued at $251,000. Northern Financial Advisors Inc boosted its position in shares of 3M by 3.0% during the fourth quarter. Northern Financial Advisors Inc now owns 9,135 shares of the conglomerate’s stock valued at $1,179,000 after buying an additional 266 shares during the last quarter. Vontobel Holding Ltd. boosted its position in shares of 3M by 25.6% during the fourth quarter. Vontobel Holding Ltd. now owns 32,940 shares of the conglomerate’s stock valued at $4,252,000 after buying an additional 6,710 shares during the last quarter. Finally, Catalyst Financial Partners LLC boosted its position in shares of 3M by 29.2% during the fourth quarter. Catalyst Financial Partners LLC now owns 2,361 shares of the conglomerate’s stock valued at $305,000 after buying an additional 533 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MMM. Barclays raised their price target on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Weiss Ratings restated a “hold (c)” rating on shares of 3M in a research note on Saturday, February 1st. Royal Bank of Canada restated an “underperform” rating and issued a $96.00 price target on shares of 3M in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. raised their target price on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

Insider Activity

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the sale, the insider now owns 5,153 shares in the company, valued at $774,238.25. This trade represents a 24.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was 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 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. Over the last quarter, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by company insiders.

3M Stock Down 0.1 %

Shares of NYSE MMM opened at $148.69 on Friday. The firm’s 50-day moving average price is $138.19 and its 200-day moving average price is $133.52. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The stock has a market capitalization of $80.73 billion, a price-to-earnings ratio of 19.69, a P/E/G ratio of 3.37 and a beta of 0.96. 3M has a 12-month low of $75.40 and a 12-month high of $155.00.

3M (NYSE:MMM) last issued its quarterly earnings data 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. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same period in the prior year, the business posted $2.42 earnings per share. The company’s quarterly revenue was down 25.0% compared to the same quarter last year. On average, equities research analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is presently 37.09%.

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.