WealthShield Partners LLC Reduces Stock Position in 3M (NYSE:MMM)

WealthShield Partners LLC cut its stake in 3M (NYSE:MMM) by 9.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 2,112 shares of the conglomerate’s stock after selling 230 shares during the quarter. WealthShield Partners LLC’s holdings in 3M were worth $273,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MMM. Capital Advisors Ltd. LLC grew its position in 3M by 5.3% in the fourth quarter. Capital Advisors Ltd. LLC now owns 1,519 shares of the conglomerate’s stock worth $196,000 after acquiring an additional 77 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in 3M during the fourth quarter worth about $352,000. Forvis Mazars Wealth Advisors LLC boosted its holdings in shares of 3M by 1.3% in the 4th quarter. Forvis Mazars Wealth Advisors LLC now owns 11,480 shares of the conglomerate’s stock worth $1,482,000 after purchasing an additional 147 shares in the last quarter. Pavion Blue Capital LLC increased its position in shares of 3M by 7.5% during the 4th quarter. Pavion Blue Capital LLC now owns 6,681 shares of the conglomerate’s stock valued at $862,000 after purchasing an additional 465 shares during the last quarter. Finally, WESPAC Advisors LLC raised its holdings in shares of 3M by 176.1% during the 4th quarter. WESPAC Advisors LLC now owns 11,770 shares of the conglomerate’s stock valued at $1,519,000 after buying an additional 7,507 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MMM. Barclays boosted their price objective on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Bank of America raised their price objective on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 target price on shares of 3M in a research note on Wednesday, January 22nd. Finally, Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $148.87.

Insider Buying and Selling at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the sale, the chief accounting officer now owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,639 shares of company stock valued at $17,163,446. Insiders own 0.34% of the company’s stock.

3M Price Performance

NYSE MMM opened at $145.42 on Tuesday. The stock has a market capitalization of $78.95 billion, a price-to-earnings ratio of 19.26, a PEG ratio of 3.30 and a beta of 0.96. 3M has a 1-year low of $75.40 and a 1-year high of $155.00. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The business’s fifty day moving average price is $140.94 and its 200-day moving average price is $134.85.

3M (NYSE:MMM) last posted its earnings results 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 company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M’s revenue was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.42 earnings per share. On average, equities analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 2.01%. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, February 14th. 3M’s payout ratio is 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.