3M (NYSE:MMM) Holdings Lowered by Newbridge Financial Services Group Inc.

Newbridge Financial Services Group Inc. cut its stake in 3M (NYSE:MMM) by 65.3% in the 4th quarter, HoldingsChannel reports. The fund owned 542 shares of the conglomerate’s stock after selling 1,018 shares during the period. Newbridge Financial Services Group Inc.’s holdings in 3M were worth $70,000 at the end of the most recent reporting period.

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

Insider Transactions at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Michael F. Roman sold 49,598 shares of 3M stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the completion of the sale, the chairman now owns 180,895 shares of the company’s stock, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 in the last three months. Corporate insiders own 0.34% of the company’s stock.

3M Stock Performance

MMM stock opened at $149.59 on Tuesday. The firm has a 50 day simple moving average of $137.11 and a 200 day simple moving average of $132.92. 3M has a 52 week low of $75.40 and a 52 week high of $155.00. The stock has a market cap of $81.21 billion, a P/E ratio of 19.81, a P/E/G ratio of 3.37 and a beta of 0.96. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM) last issued its 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 net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same quarter last year, the business posted $2.42 EPS. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. Research analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given a $0.73 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.95%. The ex-dividend date is Friday, February 14th. 3M’s dividend payout ratio is presently 37.09%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MMM. Citigroup raised their price objective 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. Weiss Ratings restated a “hold (c)” rating on shares of 3M in a research report on Saturday, February 1st. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and increased their price objective for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Bank of America lifted their target price on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Finally, Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a report on Tuesday, October 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price 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.