Tyche Wealth Partners LLC Sells 149 Shares of 3M (NYSE:MMM)

Tyche Wealth Partners LLC lowered its position in 3M (NYSE:MMM) by 3.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 4,539 shares of the conglomerate’s stock after selling 149 shares during the quarter. Tyche Wealth Partners LLC’s holdings in 3M were worth $586,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of MMM. Czech National Bank increased its position in shares of 3M by 6.1% during the third quarter. Czech National Bank now owns 111,909 shares of the conglomerate’s stock valued at $15,298,000 after acquiring an additional 6,461 shares during the last quarter. Park Avenue Securities LLC boosted its holdings in shares of 3M by 14.8% in the third quarter. Park Avenue Securities LLC now owns 6,187 shares of the conglomerate’s stock valued at $846,000 after acquiring an additional 796 shares in the last quarter. Miracle Mile Advisors LLC purchased a new stake in 3M during the third quarter worth about $218,000. Aprio Wealth Management LLC lifted its stake in 3M by 6.3% in the 3rd quarter. Aprio Wealth Management LLC now owns 2,682 shares of the conglomerate’s stock valued at $367,000 after buying an additional 159 shares in the last quarter. Finally, Callan Family Office LLC acquired a new position in 3M in the third quarter valued at $258,000. Institutional investors own 65.25% of the company’s stock.

Insider Activity at 3M

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the transaction, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This represents a 90.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock worth $17,163,446 in the last three months. 0.38% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Bank of America lifted their price objective on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a research note on Saturday, February 1st. Finally, Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a research 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 issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $148.87.

3M Price Performance

MMM stock opened at $152.43 on Thursday. 3M has a 52 week low of $75.40 and a 52 week high of $155.00. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The company has a fifty day simple moving average of $135.98 and a two-hundred day simple moving average of $131.93. The firm has a market capitalization of $83.01 billion, a P/E ratio of 20.19, a price-to-earnings-growth ratio of 3.37 and a beta of 0.96.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same period in the previous year, the business earned $2.42 EPS. Analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given a dividend of $0.73 per share. The ex-dividend date of this dividend 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 dividend yield of 1.92%. 3M’s dividend payout ratio (DPR) is currently 37.09%.

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.