3M (NYSE:MMM) Shares Sold by Prestige Wealth Management Group LLC

Prestige Wealth Management Group LLC lessened its stake in shares of 3M (NYSE:MMM) by 38.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 406 shares of the conglomerate’s stock after selling 251 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in 3M were worth $52,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Zions Bancorporation N.A. grew its position in 3M by 254.0% in the fourth quarter. Zions Bancorporation N.A. now owns 446 shares of the conglomerate’s stock valued at $58,000 after acquiring an additional 320 shares in the last quarter. TIAA Trust National Association boosted its stake in shares of 3M by 2.0% in the fourth quarter. TIAA Trust National Association now owns 55,071 shares of the conglomerate’s stock valued at $7,109,000 after purchasing an additional 1,061 shares during the period. CoreFirst Bank & Trust acquired a new stake in 3M during the 4th quarter valued at $114,000. Prudential Financial Inc. increased its stake in 3M by 2.2% during the 4th quarter. Prudential Financial Inc. now owns 1,440,005 shares of the conglomerate’s stock worth $185,890,000 after buying an additional 30,506 shares during the period. Finally, Congress Wealth Management LLC DE lifted its holdings in 3M by 6.8% in the 4th quarter. Congress Wealth Management LLC DE now owns 10,101 shares of the conglomerate’s stock worth $1,304,000 after buying an additional 641 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Buying and Selling

In related news, EVP Victoria Clarke sold 1,750 shares of 3M 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 transaction, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. The trade was a 90.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Michael F. Roman sold 49,598 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the sale, the chairman now owns 180,895 shares in the company, valued at approximately $27,550,308.50. The trade was a 21.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock valued at $17,163,446 over the last three months. Company insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

MMM has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Saturday. Bank of America upped their target price on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Citigroup raised 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. JPMorgan Chase & Co. upped their price target on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $149.13.

3M Price Performance

Shares of NYSE MMM opened at $153.53 on Wednesday. The firm has a market capitalization of $83.35 billion, a PE ratio of 20.34, a P/E/G ratio of 3.30 and a beta of 0.97. The business’s fifty day moving average price is $149.05 and its two-hundred day moving average price is $137.88. 3M has a 1-year low of $85.62 and a 1-year high of $156.35. 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 (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating 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 quarter in the previous year, the business earned $2.42 EPS. On average, research analysts expect that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a dividend of $0.73 per share. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio (DPR) is presently 38.68%.

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.