Empower Advisory Group LLC Cuts Stake in 3M (NYSE:MMM)

Empower Advisory Group LLC reduced its stake in shares of 3M (NYSE:MMM) by 26.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,253 shares of the conglomerate’s stock after selling 2,553 shares during the quarter. Empower Advisory Group LLC’s holdings in 3M were worth $936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC boosted its position in shares of 3M by 545.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 183,953 shares of the conglomerate’s stock valued at $25,146,000 after acquiring an additional 155,435 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in shares of 3M during the 3rd quarter valued at approximately $57,000. Copeland Capital Management LLC bought a new position in shares of 3M during the 3rd quarter valued at approximately $205,000. Raleigh Capital Management Inc. boosted its position in shares of 3M by 2.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 3,038 shares of the conglomerate’s stock valued at $415,000 after acquiring an additional 87 shares during the last quarter. Finally, Foundations Investment Advisors LLC boosted its position in shares of 3M by 20.9% during the 3rd quarter. Foundations Investment Advisors LLC now owns 4,195 shares of the conglomerate’s stock valued at $573,000 after acquiring an additional 724 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the transaction, the chief accounting officer now owns 4,417 shares in the company, valued at $662,329.15. This trade represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,639 shares of company stock worth $17,163,446. Company insiders own 0.34% of the company’s stock.

3M Stock Performance

Shares of 3M stock opened at $148.85 on Wednesday. The firm has a market cap of $80.81 billion, a P/E ratio of 19.71, 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 stock’s fifty day moving average price is $139.15 and its 200-day moving average price is $134.03.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.42 earnings per share. On average, equities research analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be paid a dividend of $0.73 per share. The ex-dividend date is Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.96%. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is currently 38.68%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Citigroup increased 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. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. raised their price target on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Bank of America raised their price target on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Finally, Barclays raised their price target on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on 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.