FineMark National Bank & Trust Reduces Holdings in 3M (NYSE:MMM)

FineMark National Bank & Trust lowered its position in 3M (NYSE:MMM) by 5.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,731 shares of the conglomerate’s stock after selling 989 shares during the quarter. FineMark National Bank & Trust’s holdings in 3M were worth $2,289,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Investors Asset Management of Georgia Inc. GA ADV increased its position in 3M by 1.3% in the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate’s stock worth $694,000 after purchasing an additional 67 shares during the last quarter. Parkside Financial Bank & Trust grew its stake in shares of 3M by 1.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate’s stock valued at $665,000 after buying an additional 70 shares in the last quarter. Gilbert & Cook Inc. increased its holdings in 3M by 1.5% in the fourth quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate’s stock worth $659,000 after buying an additional 73 shares during the last quarter. Childress Capital Advisors LLC raised its position in 3M by 5.1% during the fourth quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate’s stock valued at $203,000 after acquiring an additional 76 shares in the last quarter. Finally, Capital Advisors Ltd. LLC lifted its stake in 3M by 5.3% in the fourth quarter. Capital Advisors Ltd. LLC now owns 1,519 shares of the conglomerate’s stock valued at $196,000 after acquiring an additional 77 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their price target on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Saturday. Citigroup upped their price target on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Barclays raised their price objective on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Bank of America increased their price target on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Two investment 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 data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $149.13.

Insiders Place Their Bets

In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the sale, the chief accounting officer now owns 4,417 shares of the company’s stock, valued at $662,329.15. This represents a 34.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the firm’s 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 completion of the sale, the insider now directly owns 5,153 shares of the company’s stock, valued at approximately $774,238.25. This represents a 24.20 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by insiders.

3M Stock Up 0.2 %

Shares of MMM opened at $153.53 on Wednesday. 3M has a 52 week low of $85.62 and a 52 week high of $156.35. The firm has a market capitalization of $83.35 billion, a P/E ratio of 20.34, a P/E/G ratio of 3.30 and a beta of 0.97. The company has a 50-day simple moving average of $149.05 and a 200-day simple moving average of $137.88. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping 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 company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter last year, the company earned $2.42 EPS. The company’s quarterly revenue was down 25.0% on a year-over-year basis. On average, equities research analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a $0.73 dividend. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 1.90%. 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.