Summit Asset Management LLC Sells 100 Shares of 3M (NYSE:MMM)

Summit Asset Management LLC decreased its position in 3M (NYSE:MMM) by 3.4% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 2,882 shares of the conglomerate’s stock after selling 100 shares during the period. Summit Asset Management LLC’s holdings in 3M were worth $372,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Financial Life Planners bought a new stake in 3M in the 4th quarter valued at $25,000. FSA Wealth Management LLC bought a new stake in shares of 3M during the 3rd quarter valued at $27,000. Daymark Wealth Partners LLC lifted its position in shares of 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 19,552 shares during the period. ORG Partners LLC lifted its position in shares of 3M by 44.1% during the 4th 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 period. Finally, True Wealth Design LLC lifted its position in shares of 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 period. Institutional investors own 65.25% of the company’s stock.

Insiders Place Their Bets

In other 3M news, Chairman Michael F. Roman sold 45,276 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $150.01, for a total value of $6,791,852.76. Following the transaction, the chairman now owns 175,718 shares in the company, valued at approximately $26,359,457.18. This represents a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,639 shares of company stock worth $17,163,446. Corporate insiders own 0.34% of the company’s stock.

3M Trading Down 2.8 %

Shares of MMM stock opened at $144.87 on Friday. The stock has a market cap of $78.65 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 3.30 and a beta of 0.96. The stock has a 50-day moving average of $140.62 and a 200-day moving average of $134.62. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a 1-year low of $75.40 and a 1-year high of $155.00.

3M (NYSE:MMM) last issued its quarterly 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. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. During the same quarter in the prior year, the firm posted $2.42 earnings per share. The business’s quarterly revenue was down 25.0% on a year-over-year basis. On average, equities research analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

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

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Citigroup upped their target price on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Royal Bank of Canada reiterated an “underperform” rating and set a $96.00 target price on shares of 3M in a research report on Wednesday, January 22nd. Barclays upped their price objective on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. upped their price objective on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of 3M in a research report on Wednesday. Two equities 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $148.87.

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.