Onyx Bridge Wealth Group LLC Has $228,000 Position in 3M (NYSE:MMM)

Onyx Bridge Wealth Group LLC lessened its position in 3M (NYSE:MMM) by 8.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 1,768 shares of the conglomerate’s stock after selling 170 shares during the quarter. Onyx Bridge Wealth Group LLC’s holdings in 3M were worth $228,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Inman Jager Wealth Management LLC acquired a new position in 3M in the 4th quarter worth about $1,338,000. Choreo LLC increased its holdings in 3M by 0.7% in the 4th quarter. Choreo LLC now owns 70,444 shares of the conglomerate’s stock worth $9,094,000 after purchasing an additional 513 shares in the last quarter. Massachusetts Wealth Management increased its holdings in 3M by 1.9% in the 4th quarter. Massachusetts Wealth Management now owns 14,974 shares of the conglomerate’s stock worth $1,933,000 after purchasing an additional 275 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in 3M by 38.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 118,288 shares of the conglomerate’s stock worth $15,330,000 after purchasing an additional 32,709 shares in the last quarter. Finally, James J. Burns & Company LLC acquired a new stake in shares of 3M in the fourth quarter valued at about $1,235,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Down 0.1 %

Shares of NYSE:MMM opened at $152.28 on Friday. The business’s 50 day simple moving average is $136.38 and its two-hundred day simple moving average is $132.07. The firm has a market cap of $82.92 billion, a P/E ratio of 20.17, a PEG ratio of 3.37 and a beta of 0.96. 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 has a 52-week low of $75.40 and a 52-week high of $155.00.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. The business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company’s quarterly 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. As a group, research analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be issued a $0.73 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 1.92%. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is presently 37.09%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Bank of America increased their price target on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Melius raised 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. increased their price target on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Finally, UBS Group raised 3M from a “neutral” rating to a “buy” rating and increased their price target for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Two equities 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $148.87.

Insiders Place Their Bets

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 45,276 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $150.01, for a total value of $6,791,852.76. Following the completion of the transaction, the chairman now owns 175,718 shares in the company, valued at $26,359,457.18. This represents a 20.49 % 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 worth $17,163,446. Corporate insiders own 0.38% of the company’s stock.

3M Company Profile

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.