Ropes Wealth Advisors LLC Decreases Stock Holdings in 3M (NYSE:MMM)

Ropes Wealth Advisors LLC trimmed its position in 3M (NYSE:MMM – Get Rating) by 17.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,296 shares of the conglomerate’s stock after selling 4,901 shares during the quarter. Ropes Wealth Advisors LLC’s holdings in 3M were worth $4,138,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. DB Fitzpatrick & Co Inc purchased a new position in 3M during the 4th quarter valued at $29,000. Ritter Daniher Financial Advisory LLC increased its position in 3M by 98.9% during the 4th quarter. Ritter Daniher Financial Advisory LLC now owns 179 shares of the conglomerate’s stock valued at $32,000 after purchasing an additional 89 shares during the period. Atticus Wealth Management LLC purchased a new position in 3M during the 4th quarter valued at $36,000. McIlrath & Eck LLC increased its position in 3M by 60.8% during the 3rd quarter. McIlrath & Eck LLC now owns 230 shares of the conglomerate’s stock valued at $40,000 after purchasing an additional 87 shares during the period. Finally, Dark Forest Capital Management LP purchased a new position in 3M during the 3rd quarter valued at $41,000. 67.22% of the stock is currently owned by institutional investors.

3M stock traded down $0.29 during mid-day trading on Friday, reaching $149.30. The stock had a trading volume of 2,753,460 shares, compared to its average volume of 2,904,363. The company has a market capitalization of $84.96 billion, a price-to-earnings ratio of 15.54, a PEG ratio of 1.42 and a beta of 0.92. The company has a 50-day moving average price of $148.25 and a two-hundred day moving average price of $163.00. 3M has a one year low of $139.74 and a one year high of $206.81. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.58 and a quick ratio of 1.00.

3M (NYSE:MMM – Get Rating) last announced its quarterly earnings results on Tuesday, April 26th. The conglomerate reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.32. The company had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.75 billion. 3M had a net margin of 15.84% and a return on equity of 39.35%. 3M’s revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.77 EPS. On average, equities research analysts anticipate that 3M will post 10.85 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Sunday, June 12th. Shareholders of record on Friday, May 20th will be paid a dividend of $1.49 per share. This represents a $5.96 annualized dividend and a yield of 3.99%. The ex-dividend date of this dividend is Thursday, May 19th. 3M’s dividend payout ratio is currently 62.02%.

A number of research analysts have issued reports on MMM shares. Barclays reduced their price objective on shares of 3M from $155.00 to $146.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 27th. UBS Group dropped their target price on shares of 3M from $168.00 to $118.00 and set a “sell” rating on the stock in a report on Friday, March 11th. Citigroup dropped their target price on shares of 3M from $157.00 to $151.00 in a report on Wednesday, April 27th. Wells Fargo & Company dropped their target price on shares of 3M from $184.00 to $173.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 15th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of 3M from $167.00 to $164.00 and set a “hold” rating on the stock in a report on Wednesday, April 27th. Six analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, 3M has an average rating of “Hold” and a consensus price target of $164.73.

In other 3M news, CEO Michael F. Roman sold 10,610 shares of the company’s stock in a transaction dated Tuesday, May 3rd. The shares were sold at an average price of $146.21, for a total transaction of $1,551,288.10. Following the transaction, the chief executive officer now owns 90,361 shares in the company, valued at approximately $13,211,681.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.34% of the stock is currently owned by corporate insiders.

3M Profile (Get Rating)

3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

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