3M (NYSE:MMM) Stock Position Decreased by First Horizon Advisors Inc.

First Horizon Advisors Inc. cut its stake in shares of 3M (NYSE:MMM) by 7.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,288 shares of the conglomerate’s stock after selling 820 shares during the period. First Horizon Advisors Inc.’s holdings in 3M were worth $1,328,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Assenagon Asset Management S.A. lifted its stake in 3M by 8.9% during the third quarter. Assenagon Asset Management S.A. now owns 22,465 shares of the conglomerate’s stock valued at $3,071,000 after buying an additional 1,844 shares in the last quarter. Lake Street Advisors Group LLC raised its holdings in shares of 3M by 12.4% during the third quarter. Lake Street Advisors Group LLC now owns 3,198 shares of the conglomerate’s stock valued at $437,000 after acquiring an additional 352 shares during the period. Trueblood Wealth Management LLC acquired a new stake in shares of 3M during the third quarter valued at approximately $202,000. Allworth Financial LP lifted its position in shares of 3M by 18.2% in the 3rd quarter. Allworth Financial LP now owns 26,586 shares of the conglomerate’s stock valued at $3,634,000 after acquiring an additional 4,091 shares in the last quarter. Finally, BKM Wealth Management LLC acquired a new position in 3M in the 3rd quarter worth approximately $290,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at 3M

In related news, EVP Kevin H. Rhodes sold 6,743 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the completion of the transaction, the executive vice president now owns 4,902 shares of the company’s stock, valued at approximately $734,564.70. The trade was a 57.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction that occurred 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 approximately $750,736.32. The trade was a 55.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 over the last 90 days. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MMM shares. Barclays boosted 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. UBS Group raised 3M from a “neutral” rating to a “buy” rating and upped their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 price objective on shares of 3M in a research note on Wednesday, January 22nd. Citigroup lifted their target price on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a report on Wednesday, February 19th. Two 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $148.87.

3M Stock Performance

MMM stock opened at $144.87 on Monday. The company has a market capitalization of $78.65 billion, a price-to-earnings ratio of 19.19, a P/E/G ratio of 3.30 and a beta of 0.96. The firm has a 50 day moving average of $140.62 and a two-hundred day moving average of $134.71. 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 12 month low of $75.40 and a 12 month high of $155.00.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm 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 business’s quarterly revenue was down 25.0% on a year-over-year basis. As a group, equities analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given a dividend of $0.73 per share. The ex-dividend date is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 2.02%. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is presently 38.68%.

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.