Ipswich Investment Management Co. Inc. Decreases Stake in 3M (NYSE:MMM)

Ipswich Investment Management Co. Inc. lowered its holdings in 3M (NYSE:MMM) by 12.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 13,601 shares of the conglomerate’s stock after selling 1,851 shares during the quarter. Ipswich Investment Management Co. Inc.’s holdings in 3M were worth $1,756,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Financial Life Planners acquired a new stake in shares of 3M during the fourth quarter worth $25,000. FSA Wealth Management LLC purchased a new position in 3M during the 3rd quarter valued at about $27,000. Daymark Wealth Partners LLC lifted its stake in 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 buying an additional 19,552 shares in the last quarter. ORG Partners LLC boosted its stake in shares of 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after acquiring an additional 98 shares during the last quarter. Finally, True Wealth Design LLC raised its position in shares of 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after buying an additional 296 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Down 2.8 %

Shares of 3M stock opened at $144.87 on Friday. The stock has a market capitalization of $78.65 billion, a P/E ratio of 19.19, a price-to-earnings-growth ratio of 3.32 and a beta of 0.96. The company has a quick ratio of 1.08, a current ratio of 1.41 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 company has a 50-day simple moving average of $140.62 and a 200 day simple moving average of $134.56.

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. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the prior year, the firm earned $2.42 EPS. The company’s revenue was down 25.0% on a year-over-year basis. Research analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced 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 an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 2.02%. 3M’s dividend payout ratio is presently 38.68%.

Analysts Set New Price Targets

MMM has been the subject of several research analyst reports. Citigroup upped their price target on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a report on Wednesday, January 22nd. Barclays upped their price target on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a research report on Wednesday. Finally, Bank of America lifted their target price on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, 3M currently has a consensus rating of “Moderate Buy” and an average price target of $148.87.

Insider Buying and Selling at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now owns 194 shares in the company, valued at $29,918.68. The trade was a 90.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the sale, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at $662,329.15. This represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by insiders.

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.