3M (NYSE:MMM) Shares Bought by Skba Capital Management LLC

Skba Capital Management LLC lifted its holdings in shares of 3M (NYSE:MMM) by 1.5% during the 4th quarter, Holdings Channel reports. The firm owned 98,620 shares of the conglomerate’s stock after buying an additional 1,450 shares during the period. 3M makes up about 2.0% of Skba Capital Management LLC’s holdings, making the stock its 15th biggest position. Skba Capital Management LLC’s holdings in 3M were worth $12,731,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Financial Life Planners acquired a new position in shares of 3M in the fourth quarter worth $25,000. Proficio Capital Partners LLC purchased a new position in 3M in the fourth quarter valued at $26,000. FSA Wealth Management LLC purchased a new stake in 3M during the 3rd quarter worth about $27,000. Daymark Wealth Partners LLC raised its position in 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 19,552 shares in the last quarter. Finally, ORG Partners LLC boosted 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 buying an additional 98 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Price Performance

Shares of NYSE MMM opened at $144.74 on Monday. The stock has a market cap of $78.58 billion, a P/E ratio of 19.17, a P/E/G ratio of 3.30 and a beta of 0.97. 3M has a twelve month low of $88.23 and a twelve month high of $156.35. The stock has a 50 day moving average of $149.60 and a two-hundred day moving average of $138.29. 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 released 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 firm 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. 3M’s revenue for the quarter was down 25.0% on a year-over-year basis. On average, research analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.02%. 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 Activity at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M 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 transaction, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. This trade represents a 55.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Michael F. Roman sold 45,276 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $150.01, for a total transaction of $6,791,852.76. Following the transaction, the chairman now owns 175,718 shares of the company’s stock, valued at approximately $26,359,457.18. The trade was a 20.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 in the last quarter. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the topic of a number of recent research reports. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research note on Saturday, March 22nd. Royal Bank of Canada restated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Bank of America raised their price target on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Finally, Citigroup lifted their price target on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $149.13.

3M 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.