Marks Group Wealth Management Inc Sells 1,714 Shares of 3M (NYSE:MMM)

Marks Group Wealth Management Inc cut its holdings in shares of 3M (NYSE:MMM) by 24.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,199 shares of the conglomerate’s stock after selling 1,714 shares during the quarter. Marks Group Wealth Management Inc’s holdings in 3M were worth $671,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in MMM. Kentucky Trust Co bought a new stake in 3M during the 4th quarter valued at approximately $1,807,000. Gladstone Institutional Advisory LLC grew its holdings in 3M by 74.2% during the 4th quarter. Gladstone Institutional Advisory LLC now owns 34,020 shares of the conglomerate’s stock valued at $4,392,000 after buying an additional 14,496 shares in the last quarter. Strengthening Families & Communities LLC lifted its holdings in shares of 3M by 1.1% in the fourth quarter. Strengthening Families & Communities LLC now owns 23,176 shares of the conglomerate’s stock worth $2,991,000 after buying an additional 255 shares in the last quarter. Stonebridge Financial Group LLC bought a new position in shares of 3M during the fourth quarter worth $210,000. Finally, Essex Financial Services Inc. grew its stake in 3M by 9.0% during the fourth quarter. Essex Financial Services Inc. now owns 10,073 shares of the conglomerate’s stock valued at $1,300,000 after acquiring an additional 835 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Down 0.8 %

Shares of NYSE MMM opened at $148.86 on Thursday. 3M has a 1 year low of $75.40 and a 1 year high of $155.00. The firm has a 50-day simple moving average of $137.82 and a two-hundred day simple moving average of $133.41. The company has a market cap of $80.82 billion, a P/E ratio of 19.72, a PEG ratio of 3.37 and a beta of 0.96. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion during 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%. 3M’s quarterly revenue was down 25.0% compared to the same quarter last year. During the same period last year, the company earned $2.42 EPS. Research analysts anticipate 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 will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be paid a dividend of $0.73 per share. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date is Friday, February 14th. 3M’s payout ratio is currently 37.09%.

Analyst Upgrades and Downgrades

Several analysts have commented on MMM shares. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a report on Saturday, February 1st. Bank of America increased their price target on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. UBS Group raised 3M from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. 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. Finally, Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research report on Tuesday, October 22nd. Two investment 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $148.87.

Insider Transactions at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the business’s 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 completion of the sale, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Michael F. Roman sold 49,598 shares of 3M stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the sale, the chairman now directly owns 180,895 shares of the company’s stock, valued at approximately $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. Over the last ninety days, insiders have sold 113,639 shares of company stock worth $17,163,446. Insiders own 0.34% of the company’s stock.

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.