3M (NYSE:MMM) Shares Sold by Independent Solutions Wealth Management LLC

Independent Solutions Wealth Management LLC lessened its holdings in shares of 3M (NYSE:MMM) by 81.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,659 shares of the conglomerate’s stock after selling 7,373 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in 3M were worth $214,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. lifted its position in shares of 3M by 1.5% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 35,356 shares of the conglomerate’s stock worth $4,564,000 after purchasing an additional 534 shares in the last quarter. iA Global Asset Management Inc. lifted its position in shares of 3M by 1,468.3% during the fourth quarter. iA Global Asset Management Inc. now owns 55,250 shares of the conglomerate’s stock worth $7,132,000 after purchasing an additional 51,727 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of 3M by 59.8% during the fourth quarter. Teacher Retirement System of Texas now owns 747,954 shares of the conglomerate’s stock worth $96,553,000 after buying an additional 280,015 shares during the period. Royal London Asset Management Ltd. increased its stake in shares of 3M by 2.2% during the fourth quarter. Royal London Asset Management Ltd. now owns 232,477 shares of the conglomerate’s stock worth $30,010,000 after buying an additional 5,109 shares during the period. Finally, Generali Investments Management Co LLC purchased a new stake in shares of 3M during the fourth quarter worth approximately $75,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Citigroup upped their target price on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Barclays upped their target price on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $149.13.

3M Stock Performance

Shares of MMM opened at $150.35 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. The firm has a market cap of $81.63 billion, a PE ratio of 19.91, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company’s 50 day simple moving average is $148.35 and its 200-day simple moving average is $137.47. 3M has a 12-month low of $85.62 and a 12-month high of $156.35.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The business 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 company’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 earnings per share. As a group, equities analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a dividend of $0.73 per share. The ex-dividend date was 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 dividend yield of 1.94%. 3M’s dividend payout ratio (DPR) is currently 38.68%.

Insider Buying and Selling

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the completion of the sale, the insider now owns 5,153 shares of the company’s stock, valued at approximately $774,238.25. This trade represents a 24.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 over the last three months. 0.34% of the stock is currently 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.