3M (NYSE:MMM) Shares Sold by Sippican Capital Advisors

Sippican Capital Advisors cut its stake in shares of 3M (NYSE:MMM) by 2.6% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 20,636 shares of the conglomerate’s stock after selling 550 shares during the period. 3M makes up approximately 1.9% of Sippican Capital Advisors’ holdings, making the stock its 10th largest holding. Sippican Capital Advisors’ holdings in 3M were worth $2,664,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in MMM. FSA Wealth Management LLC purchased a new position in 3M in the third quarter valued at about $27,000. Daymark Wealth Partners LLC grew its holdings in 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. increased its position in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 121 shares during the last quarter. ORG Partners LLC raised its stake in shares of 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 98 shares in the last quarter. Finally, True Wealth Design LLC lifted its position in shares of 3M by 2,466.7% during the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 296 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a research note on Saturday, January 18th. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research report on Tuesday, October 22nd. Mizuho boosted their price target on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. lifted their price objective on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Barclays increased their target price on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $148.87.

Insider Activity at 3M

In other news, EVP Kevin H. Rhodes sold 6,743 shares of the company’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $149.85, for a total value of $1,010,438.55. Following the transaction, the executive vice president now owns 4,902 shares in the company, valued at $734,564.70. This represents a 57.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was 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 approximately $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 62,291 shares of company stock valued at $9,339,786. Company insiders own 0.34% of the company’s stock.

3M Price Performance

MMM stock opened at $151.55 on Thursday. 3M has a one year low of $75.40 and a one year high of $152.96. The firm has a 50-day moving average of $133.72 and a two-hundred day moving average of $130.23. The firm has a market capitalization of $82.53 billion, a PE ratio of 20.07, a P/E/G ratio of 2.46 and a beta of 0.95. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating 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 business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the prior year, the firm earned $2.42 EPS. The firm’s quarterly revenue was down 25.0% on a year-over-year basis. On average, analysts forecast that 3M will post 7.66 earnings per share for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.85%. 3M’s dividend payout ratio is 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.