3M (NYSE:MMM) Shares Sold by Sowell Financial Services LLC

Sowell Financial Services LLC reduced its stake in shares of 3M (NYSE:MMM) by 2.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,436 shares of the conglomerate’s stock after selling 1,184 shares during the period. Sowell Financial Services LLC’s holdings in 3M were worth $5,220,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in MMM. Principal Financial Group Inc. boosted its holdings in shares of 3M by 15.3% in the 3rd quarter. Principal Financial Group Inc. now owns 737,075 shares of the conglomerate’s stock valued at $100,758,000 after acquiring an additional 97,741 shares during the last quarter. Comprehensive Financial Consultants Institutional Inc. purchased a new stake in 3M in the third quarter valued at $205,000. CWA Asset Management Group LLC acquired a new stake in 3M during the 3rd quarter worth about $3,915,000. Assetmark Inc. raised its stake in shares of 3M by 51.0% during the 3rd quarter. Assetmark Inc. now owns 651 shares of the conglomerate’s stock valued at $89,000 after buying an additional 220 shares during the last quarter. Finally, Kerusso Capital Management LLC raised its stake in shares of 3M by 6.4% during the 3rd quarter. Kerusso Capital Management LLC now owns 22,961 shares of the conglomerate’s stock valued at $3,139,000 after buying an additional 1,387 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on MMM shares. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. JPMorgan Chase & Co. lifted their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research note on Friday. Citigroup raised 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. Finally, Barclays upped their price objective on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and a consensus price target of $149.13.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the stock in a transaction that occurred on 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 transaction, the insider now directly owns 5,153 shares in the company, valued at approximately $774,238.25. This represents a 24.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Victoria Clarke sold 1,750 shares of 3M 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 owns 194 shares in the company, valued at $29,918.68. This represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by company insiders.

3M Trading Down 0.4 %

Shares of MMM stock opened at $146.36 on Friday. The stock’s fifty day moving average is $144.51 and its two-hundred day moving average is $136.23. The firm has a market capitalization of $79.46 billion, a P/E ratio of 19.38, a PEG ratio of 3.30 and a beta of 0.97. 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 has a fifty-two week low of $78.14 and a fifty-two week high of $156.35.

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

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.00%. The ex-dividend date is Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s payout ratio is currently 38.68%.

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.