Weatherly Asset Management L. P. Trims Stock Holdings in 3M (NYSE:MMM)

Weatherly Asset Management L. P. lessened its position in shares of 3M (NYSE:MMM) by 8.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,246 shares of the conglomerate’s stock after selling 300 shares during the quarter. Weatherly Asset Management L. P.’s holdings in 3M were worth $355,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Briaud Financial Planning Inc purchased a new position in 3M during the 3rd quarter worth approximately $35,000. Authentikos Wealth Advisory LLC acquired a new position in shares of 3M in the 3rd quarter valued at about $37,000. CGC Financial Services LLC raised its position in 3M by 89.9% during the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after acquiring an additional 160 shares in the last quarter. VisionPoint Advisory Group LLC boosted its position in 3M by 91.9% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 215 shares in the last quarter. Finally, Psagot Value Holdings Ltd. Israel acquired a new stake in shares of 3M during the 3rd quarter worth approximately $44,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Bank of America decreased their target price on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, April 2nd. StockNews.com upgraded 3M from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 16th. JPMorgan Chase & Co. decreased their price objective on shares of 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday, April 17th. Citigroup lifted their price target on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Finally, Mizuho reaffirmed a “neutral” rating and set a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $104.00.

3M Stock Down 1.0 %

Shares of 3M stock traded down $0.97 on Wednesday, reaching $92.03. 1,750,101 shares of the company were exchanged, compared to its average volume of 5,752,146. 3M has a 1-year low of $71.12 and a 1-year high of $95.67. The stock’s 50 day moving average price is $95.73 and its 200-day moving average price is $97.43. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The company has a market cap of $50.93 billion, a P/E ratio of -7.29, a price-to-earnings-growth ratio of 1.83 and a beta of 1.02.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The firm had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same quarter in the previous year, the firm posted $2.28 earnings per share. The company’s revenue was down 1.1% compared to the same quarter last year. As a group, equities analysts forecast that 3M will post 7.87 EPS for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.56%. This is an increase from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is -47.82%.

Insider Buying and Selling

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.38% of the stock is owned by company 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.