3M (NYSE:MMM) Stake Lessened by Good Life Advisors LLC

Good Life Advisors LLC cut its stake in 3M (NYSE:MMM) by 2.2% during the 4th quarter, HoldingsChannel reports. The fund owned 5,540 shares of the conglomerate’s stock after selling 124 shares during the period. Good Life Advisors LLC’s holdings in 3M were worth $715,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the stock. FMR LLC raised its stake in shares of 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares in the last quarter. International Assets Investment Management LLC raised its stake in 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after buying an additional 1,250,491 shares in the last quarter. Jennison Associates LLC bought a new position in 3M during the 3rd quarter worth approximately $82,208,000. Parsifal Capital Management LP grew its position in shares of 3M by 179.0% in the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after acquiring an additional 526,194 shares in the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of 3M by 39.1% in the 3rd quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate’s stock valued at $151,002,000 after acquiring an additional 308,912 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Trading Up 0.7 %

NYSE:MMM opened at $150.11 on Thursday. The stock has a market cap of $81.49 billion, a price-to-earnings ratio of 19.88, a PEG ratio of 3.29 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 1 year low of $75.40 and a 1 year high of $155.00. The business has a fifty day moving average of $139.94 and a 200-day moving average of $134.31.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the prior year, the firm posted $2.42 EPS. 3M’s revenue was down 25.0% compared to the same quarter last year. Equities analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date is Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is currently 38.68%.

Insider Buying and Selling

In other news, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value 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. The trade was a 34.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction 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 completion of the sale, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This trade represents 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 valued at $17,163,446 over the last quarter. Corporate insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on MMM shares. Royal Bank of Canada restated an “underperform” rating and set a $96.00 price objective on shares of 3M in a research note on Wednesday, January 22nd. Bank of America lifted their price target on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Barclays boosted their price objective 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. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a report on Wednesday. Two research 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. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $148.87.

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.