Cerity Partners LLC Boosts Stock Holdings in 3M (NYSE:MMM)

Cerity Partners LLC boosted its position in 3M (NYSE:MMM) by 5.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 642,728 shares of the conglomerate’s stock after buying an additional 32,718 shares during the quarter. Cerity Partners LLC owned approximately 0.12% of 3M worth $85,513,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Quantinno Capital Management LP lifted its stake in shares of 3M by 27.3% during the 3rd quarter. Quantinno Capital Management LP now owns 34,725 shares of the conglomerate’s stock valued at $4,747,000 after buying an additional 7,456 shares in the last quarter. Insigneo Advisory Services LLC raised its stake in shares of 3M by 26.0% during the 3rd quarter. Insigneo Advisory Services LLC now owns 4,378 shares of the conglomerate’s stock valued at $598,000 after purchasing an additional 903 shares during the period. EP Wealth Advisors LLC lifted its holdings in 3M by 58.3% during the 3rd quarter. EP Wealth Advisors LLC now owns 22,926 shares of the conglomerate’s stock worth $3,134,000 after purchasing an additional 8,439 shares in the last quarter. National Bank of Canada FI boosted its stake in 3M by 40.0% in the 3rd quarter. National Bank of Canada FI now owns 673,681 shares of the conglomerate’s stock worth $92,092,000 after purchasing an additional 192,371 shares during the period. Finally, Orion Portfolio Solutions LLC grew its holdings in 3M by 7.3% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 17,583 shares of the conglomerate’s stock valued at $2,404,000 after buying an additional 1,192 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the sale, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the 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 completion of the transaction, the executive vice president now directly owns 194 shares of the company’s stock, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,639 shares of company stock valued at $17,163,446. Company insiders own 0.34% of the company’s stock.

3M Stock Down 9.4 %

Shares of 3M stock opened at $126.62 on Monday. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a 52-week low of $90.17 and a 52-week high of $156.35. The company’s 50 day moving average price is $149.05 and its 200-day moving average price is $138.58. The stock has a market capitalization of $68.29 billion, a price-to-earnings ratio of 16.77, a P/E/G ratio of 3.30 and a beta of 1.01.

3M (NYSE:MMM) last announced its quarterly 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 was down 25.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.42 EPS. Equities research analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a $0.73 dividend. 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 dividend yield of 2.31%. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio (DPR) is currently 38.68%.

Wall Street Analyst Weigh In

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

3M 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.