Sterling Capital Management LLC Cuts Position in 3M (NYSE:MMM)

Sterling Capital Management LLC trimmed its holdings in shares of 3M (NYSE:MMM) by 3.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,379 shares of the conglomerate’s stock after selling 1,202 shares during the period. Sterling Capital Management LLC’s holdings in 3M were worth $4,309,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Financial Life Planners acquired a new position in shares of 3M during the 4th quarter valued at $25,000. Proficio Capital Partners LLC purchased a new position in 3M in the fourth quarter valued at about $26,000. Hazlett Burt & Watson Inc. acquired a new position in shares of 3M during the fourth quarter worth about $27,000. Daymark Wealth Partners LLC boosted its position in shares of 3M by 9.0% in the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after buying an additional 19,552 shares during the period. Finally, Meeder Asset Management Inc. grew its stake in shares of 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock valued at $40,000 after buying an additional 214 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the 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 sale, the executive vice president now owns 194 shares of the company’s stock, valued at $29,918.68. This trade represents a 90.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s 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 transaction, the insider now directly owns 5,024 shares of the company’s stock, valued at $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Bank of America boosted their price target on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Citigroup raised their price target on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Barclays cut their price objective on shares of 3M from $165.00 to $160.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of 3M from $165.00 to $140.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Two 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. Based on data from MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and a consensus price target of $147.13.

3M Stock Performance

MMM stock opened at $135.97 on Friday. The stock’s 50 day simple moving average is $146.37 and its 200 day simple moving average is $138.40. 3M has a 12-month low of $90.17 and a 12-month high of $156.35. The firm has a market cap of $73.33 billion, a P/E ratio of 18.01, a P/E/G ratio of 3.30 and a beta of 1.01. 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 (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the prior year, the company earned $2.42 earnings per share. The firm’s revenue was down 25.0% compared to the same quarter last year. As a group, equities research analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a $0.73 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 2.15%. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is currently 38.68%.

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.