3M (NYSE:MMM) Shares Sold by Greenwood Capital Associates LLC

Greenwood Capital Associates LLC decreased its holdings in shares of 3M (NYSE:MMM) by 45.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,527 shares of the conglomerate’s stock after selling 6,395 shares during the period. Greenwood Capital Associates LLC’s holdings in 3M were worth $972,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. James J. Burns & Company LLC acquired a new stake in 3M during the 4th quarter worth approximately $1,235,000. Stephens Consulting LLC raised its stake in shares of 3M by 151.3% during the fourth quarter. Stephens Consulting LLC now owns 1,495 shares of the conglomerate’s stock worth $193,000 after purchasing an additional 900 shares during the last quarter. Brown Lisle Cummings Inc. lifted its holdings in shares of 3M by 4.6% during the fourth quarter. Brown Lisle Cummings Inc. now owns 8,050 shares of the conglomerate’s stock worth $1,039,000 after purchasing an additional 352 shares during the period. Commonwealth Financial Services LLC lifted its stake in shares of 3M by 12.2% in the 4th quarter. Commonwealth Financial Services LLC now owns 2,453 shares of the conglomerate’s stock worth $317,000 after acquiring an additional 267 shares during the period. Finally, Calamos Wealth Management LLC lifted its position in 3M by 4.9% in the fourth quarter. Calamos Wealth Management LLC now owns 2,194 shares of the conglomerate’s stock valued at $283,000 after purchasing an additional 103 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of NYSE MMM opened at $151.73 on Wednesday. The business has a 50-day moving average of $135.61 and a 200-day moving average of $131.59. The company has a market capitalization of $82.62 billion, a price-to-earnings ratio of 20.10, a PEG ratio of 3.37 and a beta of 0.96. 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 has a 1-year low of $75.40 and a 1-year high of $155.00.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm’s revenue was down 25.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.42 EPS. On average, equities analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently declared 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. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.92%. 3M’s dividend payout ratio is currently 37.09%.

Insider Activity

In other news, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the transaction, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the sale, the chief accounting officer now owns 4,417 shares in the company, valued at $662,329.15. The trade was a 34.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.38% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on MMM. Citigroup raised their target price on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a research note on Saturday. Bank of America boosted their target price on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating 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 stock an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat, 3M currently 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.