Whittier Trust Co. Decreases Position in 3M (NYSE:MMM)

Whittier Trust Co. trimmed its position in shares of 3M (NYSE:MMM) by 6.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 20,745 shares of the conglomerate’s stock after selling 1,411 shares during the quarter. Whittier Trust Co.’s holdings in 3M were worth $2,678,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Thrivent Financial for Lutherans raised its holdings in shares of 3M by 5.6% in the third quarter. Thrivent Financial for Lutherans now owns 64,013 shares of the conglomerate’s stock worth $8,751,000 after acquiring an additional 3,404 shares during the last quarter. Prospera Financial Services Inc raised its holdings in shares of 3M by 11.0% in the third quarter. Prospera Financial Services Inc now owns 11,882 shares of the conglomerate’s stock worth $1,625,000 after acquiring an additional 1,182 shares during the last quarter. Cornerstone Advisors LLC raised its holdings in shares of 3M by 5.4% in the third quarter. Cornerstone Advisors LLC now owns 19,600 shares of the conglomerate’s stock worth $2,679,000 after acquiring an additional 1,000 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of 3M by 8.9% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 389,209 shares of the conglomerate’s stock worth $53,205,000 after acquiring an additional 31,923 shares during the last quarter. Finally, Intech Investment Management LLC raised its holdings in shares of 3M by 93.9% in the third quarter. Intech Investment Management LLC now owns 67,385 shares of the conglomerate’s stock worth $9,212,000 after acquiring an additional 32,627 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at 3M

In other news, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the sale, the chief accounting officer now owns 4,417 shares of the company’s stock, valued at $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the company’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the completion of the sale, the insider now directly owns 5,153 shares of the company’s stock, valued at $774,238.25. The trade was a 24.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 over the last quarter. Company insiders own 0.34% of the company’s stock.

3M Stock Performance

Shares of NYSE:MMM opened at $150.35 on Friday. The firm has a market capitalization of $81.63 billion, a PE ratio of 19.91, a P/E/G ratio of 3.30 and a beta of 0.97. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The business has a 50-day moving average of $148.35 and a two-hundred day moving average of $137.47. 3M has a 12 month low of $85.62 and a 12 month high of $156.35.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the prior year, the business earned $2.42 earnings per share. The company’s revenue was down 25.0% compared to the same quarter last year. As a group, research analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a $0.73 dividend. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.94%. 3M’s dividend payout ratio is presently 38.68%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MMM. JPMorgan Chase & Co. boosted their price target on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research note on Friday, March 7th. Citigroup upped their target price on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Finally, Barclays upped their target price on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $149.13.

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.