Onyx Bridge Wealth Group LLC Has $228,000 Position in 3M (NYSE:MMM)

Onyx Bridge Wealth Group LLC lowered its holdings in shares of 3M (NYSE:MMM) by 8.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,768 shares of the conglomerate’s stock after selling 170 shares during the quarter. Onyx Bridge Wealth Group LLC’s holdings in 3M were worth $228,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. D.A. Davidson & CO. grew its holdings in shares of 3M by 16.2% during the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock worth $20,004,000 after buying an additional 20,421 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of 3M by 26.8% during the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock worth $114,770,000 after buying an additional 178,450 shares in the last quarter. Meyer Handelman Co. grew its holdings in shares of 3M by 1.4% during the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock worth $25,511,000 after buying an additional 2,678 shares in the last quarter. Ballentine Partners LLC grew its holdings in shares of 3M by 40.1% during the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after buying an additional 5,210 shares in the last quarter. Finally, Stonegate Investment Group LLC grew its holdings in shares of 3M by 5.6% during the third quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after buying an additional 13,473 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

Shares of NYSE MMM opened at $152.28 on Friday. 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 has a 12 month low of $75.40 and a 12 month high of $155.00. The stock has a 50 day moving average of $136.38 and a 200-day moving average of $132.07. The company has a market capitalization of $82.92 billion, a P/E ratio of 20.17, a P/E/G ratio of 3.37 and a beta of 0.96.

3M (NYSE:MMM) last released its quarterly 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 business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the firm posted $2.42 EPS. As a group, equities research analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be paid a $0.73 dividend. The ex-dividend date is Friday, February 14th. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.92%. 3M’s payout ratio is 37.09%.

Insider Activity at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction on Friday, January 24th. The stock was 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction 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 sale, the executive vice president now owns 194 shares of the company’s stock, valued at approximately $29,918.68. This represents a 90.02 % 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 ninety days. 0.38% of the stock is owned by company insiders.

Analyst Ratings Changes

MMM has been the subject of a number of research reports. Barclays increased their price objective on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. increased their price objective on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Bank of America raised their price target on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Citigroup raised their price target on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Finally, Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.