Perennial Investment Advisors LLC Reduces Stock Holdings in 3M (NYSE:MMM)

Perennial Investment Advisors LLC lessened its stake in shares of 3M (NYSE:MMM) by 2.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,116 shares of the conglomerate’s stock after selling 98 shares during the quarter. Perennial Investment Advisors LLC’s holdings in 3M were worth $532,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Investors Asset Management of Georgia Inc. GA ADV lifted its position in 3M by 1.3% in the fourth quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate’s stock valued at $694,000 after acquiring an additional 67 shares during the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of 3M by 1.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate’s stock valued at $665,000 after purchasing an additional 70 shares during the last quarter. Gilbert & Cook Inc. boosted its position in shares of 3M by 1.5% in the 4th quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate’s stock valued at $659,000 after purchasing an additional 73 shares during the period. Childress Capital Advisors LLC grew its stake in 3M by 5.1% during the 4th quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate’s stock worth $203,000 after buying an additional 76 shares during the last quarter. Finally, Capital Advisors Ltd. LLC increased its position in 3M by 5.3% during the fourth quarter. Capital Advisors Ltd. LLC now owns 1,519 shares of the conglomerate’s stock worth $196,000 after buying an additional 77 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Down 9.4 %

MMM stock opened at $126.62 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company’s 50-day moving average price is $149.05 and its 200 day moving average price is $138.55. 3M has a 52 week low of $90.17 and a 52 week high of $156.35. The company has a market cap of $68.29 billion, a P/E ratio of 16.77, a P/E/G ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS 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 business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the previous year, the company earned $2.42 EPS. The company’s quarterly revenue was down 25.0% on a year-over-year basis. On average, research analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a $0.73 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.31%. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is currently 38.68%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on MMM shares. Bank of America raised their target price on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 price objective on shares of 3M in a research report on Thursday, February 27th. JPMorgan Chase & Co. increased their target price on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Barclays boosted their price target on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Saturday, March 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $149.13.

Insider Transactions at 3M

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the transaction, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, 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 position. 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 90 days. 0.34% of the stock is currently owned by insiders.

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.