Aries Wealth Management Trims Holdings in 3M (NYSE:MMM)

Aries Wealth Management lessened its stake in shares of 3M (NYSE:MMM) by 1.7% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,748 shares of the conglomerate’s stock after selling 100 shares during the period. Aries Wealth Management’s holdings in 3M were worth $742,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in MMM. Financial Life Planners bought a new position in shares of 3M in the 4th quarter worth $25,000. FSA Wealth Management LLC acquired a new stake in shares of 3M during the third quarter worth $27,000. McClarren Financial Advisors Inc. grew its stake in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the last quarter. Daymark Wealth Partners LLC boosted its position in 3M by 9.0% in the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after buying an additional 19,552 shares during the last quarter. Finally, ORG Partners LLC increased its stake in shares of 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after acquiring an additional 98 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Down 0.1 %

Shares of NYSE MMM opened at $148.69 on Friday. The stock has a market cap of $80.73 billion, a PE ratio of 19.69, a P/E/G ratio of 3.37 and a beta of 0.96. 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 12-month low of $75.40 and a 12-month high of $155.00. The company has a 50-day moving average of $138.19 and a 200 day moving average of $133.52.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same period in the prior year, the business earned $2.42 earnings per share. The business’s revenue was down 25.0% compared to the same quarter last year. As a group, sell-side analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s payout ratio is currently 37.09%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Bank of America lifted their price target on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a research report on Wednesday, January 22nd. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research report on Tuesday, October 22nd. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a report on Saturday, February 1st. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $148.87.

Insider Activity

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $150.25, for a total transaction of $247,161.25. Following the completion of the sale, the insider now owns 5,153 shares of the company’s stock, valued at $774,238.25. This trade represents a 24.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction 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 sale, 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. In the last quarter, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by insiders.

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.