Parthenon LLC Sells 150 Shares of 3M (NYSE:MMM)

Parthenon LLC decreased its stake in 3M (NYSE:MMM) by 1.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,038 shares of the conglomerate’s stock after selling 150 shares during the period. Parthenon LLC’s holdings in 3M were worth $1,038,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Financial Life Planners bought a new stake in shares of 3M in the 4th quarter worth approximately $25,000. FSA Wealth Management LLC purchased a new stake in 3M in the third quarter worth $27,000. Daymark Wealth Partners LLC raised its stake 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 valued at $31,000 after buying an additional 19,552 shares during the period. ORG Partners LLC lifted its position in shares of 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after buying an additional 98 shares during the last quarter. Finally, True Wealth Design LLC grew its stake in shares of 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after acquiring an additional 296 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MMM has been the topic of a number of research reports. Royal Bank of Canada restated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a research note on Wednesday, January 22nd. Citigroup boosted their price target on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. raised their price objective on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and boosted their target price for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Finally, Bank of America raised their price target on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, 3M has an average rating of “Moderate Buy” and an average target price of $148.87.

Insider Transactions at 3M

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares of the company’s stock, valued at $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’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 sale, the insider now owns 5,024 shares of the company’s stock, valued at approximately $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. In the last three months, insiders sold 113,639 shares of company stock worth $17,163,446. 0.38% of the stock is currently owned by corporate insiders.

3M Stock Up 0.7 %

MMM stock opened at $150.11 on Thursday. The company’s 50 day moving average is $139.94 and its 200 day moving average is $134.31. The stock has a market cap of $81.49 billion, a price-to-earnings ratio of 19.88, a price-to-earnings-growth ratio of 3.29 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 1-year low of $75.40 and a 1-year high of $155.00.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS 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 firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the prior year, the firm earned $2.42 EPS. The business’s revenue for the quarter was down 25.0% compared to the same quarter last year. Sell-side analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.73 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 1.95%. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s payout ratio is 38.68%.

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.