3M (NYSE:MMM) Shares Sold by Wealthspire Advisors LLC

Wealthspire Advisors LLC trimmed its holdings in 3M (NYSE:MMM) by 3.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,020 shares of the conglomerate’s stock after selling 409 shares during the quarter. Wealthspire Advisors LLC’s holdings in 3M were worth $1,423,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in MMM. Financial Life Planners acquired a new stake in shares of 3M during the 4th quarter valued at $25,000. FSA Wealth Management LLC purchased a new stake in shares of 3M during the third quarter valued at $27,000. Daymark Wealth Partners LLC boosted its position in shares of 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 during the period. ORG Partners LLC boosted its position 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 during the period. Finally, True Wealth Design LLC increased its stake in 3M by 2,466.7% in the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 296 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Up 0.3 %

Shares of 3M stock opened at $145.42 on Tuesday. The firm has a market cap of $78.95 billion, a price-to-earnings ratio of 19.26, a P/E/G ratio of 3.30 and a beta of 0.96. The stock has a 50-day simple moving average of $140.94 and a 200-day simple moving average of $134.85. 3M has a 52-week low of $75.40 and a 52-week high of $155.00. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM) last posted 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. The firm had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company’s revenue was down 25.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.42 earnings per share. On average, equities research analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be issued a $0.73 dividend. The ex-dividend date is Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 2.01%. 3M’s dividend payout ratio is currently 38.68%.

Analyst Ratings Changes

A number of analysts have commented on MMM shares. Citigroup upped their price objective on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Bank of America upped their price target on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a research report on Wednesday, February 19th. JPMorgan Chase & Co. increased their target price on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Finally, Barclays lifted their price target on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and an average price target of $148.87.

Insiders Place Their Bets

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’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 completion of the sale, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock valued at $17,163,446 over the last three months. 0.34% of the stock is currently owned by insiders.

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.