3M (NYSE:MMM) Shares Sold by Portland Global Advisors LLC

Portland Global Advisors LLC cut its stake in 3M (NYSE:MMM) by 4.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,686 shares of the conglomerate’s stock after selling 240 shares during the quarter. Portland Global Advisors LLC’s holdings in 3M were worth $605,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of MMM. Financial Life Planners acquired a new stake in 3M during the 4th quarter worth approximately $25,000. FSA Wealth Management LLC purchased a new stake in 3M in the third quarter valued at approximately $27,000. True Wealth Design LLC raised its stake in 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 296 shares during the last quarter. ORG Partners LLC raised its holdings in 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after purchasing an additional 98 shares in the last quarter. Finally, Catalyst Capital Advisors LLC lifted its holdings in 3M by 81.5% in the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock valued at $47,000 after acquiring an additional 163 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Price Performance

Shares of 3M stock opened at $144.74 on Friday. 3M has a 1-year low of $88.23 and a 1-year high of $156.35. The firm has a fifty day simple moving average of $149.60 and a 200-day simple moving average of $138.23. 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 stock has a market capitalization of $78.58 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same period last year, the business posted $2.42 earnings per share. The firm’s revenue was down 25.0% compared to the same quarter last year. On average, sell-side analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a $0.73 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.02%. 3M’s dividend payout ratio is presently 38.68%.

Insider Activity

In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the sale, the chief accounting officer now directly owns 4,417 shares in the company, valued at $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This trade represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,639 shares of company stock worth $17,163,446. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Citigroup boosted their price target on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Barclays lifted their price objective on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Bank of America raised their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. increased their target price on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Finally, Royal Bank of Canada reissued an “underperform” rating and set a $96.00 price target on shares of 3M in a report on Thursday, February 27th. 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. According to data from MarketBeat, 3M presently has an average rating of “Moderate Buy” and an average price target of $149.13.

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.