3M (NYSE:MMM) Shares Sold by Carlson Capital Management

Carlson Capital Management reduced its holdings in shares of 3M (NYSE:MMM) by 0.6% in the 4th quarter, HoldingsChannel reports. The fund owned 60,084 shares of the conglomerate’s stock after selling 352 shares during the quarter. 3M accounts for approximately 0.3% of Carlson Capital Management’s investment portfolio, making the stock its 19th biggest holding. Carlson Capital Management’s holdings in 3M were worth $7,756,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Investors Asset Management of Georgia Inc. GA ADV boosted its stake in 3M by 1.3% in the fourth quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate’s stock valued at $694,000 after acquiring an additional 67 shares during the period. Parkside Financial Bank & Trust boosted its stake in 3M by 1.4% in the fourth quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate’s stock valued at $665,000 after acquiring an additional 70 shares during the period. Gilbert & Cook Inc. boosted its stake in 3M by 1.5% in the fourth quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate’s stock valued at $659,000 after acquiring an additional 73 shares during the period. Childress Capital Advisors LLC boosted its stake in 3M by 5.1% in the fourth quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate’s stock valued at $203,000 after acquiring an additional 76 shares during the period. Finally, Capital Advisors Ltd. LLC boosted its stake in 3M by 5.3% in the fourth quarter. Capital Advisors Ltd. LLC now owns 1,519 shares of the conglomerate’s stock valued at $196,000 after acquiring an additional 77 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Price Performance

NYSE MMM opened at $153.31 on Tuesday. The stock has a market capitalization of $83.23 billion, a P/E ratio of 20.31, a P/E/G ratio of 3.30 and a beta of 0.97. 3M has a 1 year low of $85.62 and a 1 year high of $156.35. The business’s fifty day moving average is $146.89 and its two-hundred day moving average is $137.04. 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 (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the previous year, the company posted $2.42 EPS. The company’s quarterly revenue was down 25.0% compared to the same quarter last year. On average, research analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend was Friday, February 14th. 3M’s payout ratio is currently 38.68%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on MMM shares. Citigroup lifted 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. Bank of America lifted their price target on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a report on Friday, March 7th. Finally, Barclays lifted their price target on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $149.13.

Insider Activity

In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the transaction, the executive vice president now owns 194 shares in the company, valued at $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. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

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.