Ashton Thomas Private Wealth LLC Has $1.74 Million Stock Position in 3M (NYSE:MMM)

Ashton Thomas Private Wealth LLC trimmed its holdings in shares of 3M (NYSE:MMM) by 9.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,447 shares of the conglomerate’s stock after selling 1,359 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in 3M were worth $1,736,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of MMM. Financial Life Planners acquired a new position in 3M during the fourth quarter valued at $25,000. Proficio Capital Partners LLC acquired a new position in 3M during the fourth quarter valued at $26,000. FSA Wealth Management LLC acquired a new position in 3M during the third quarter valued at $27,000. Daymark Wealth Partners LLC raised its position in 3M by 9.0% during the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after buying an additional 19,552 shares during the period. Finally, ORG Partners LLC raised its position in 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after buying an additional 98 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Price Performance

Shares of NYSE:MMM opened at $146.36 on Friday. The business has a 50 day moving average price of $144.51 and a 200 day moving average price of $136.23. 3M has a twelve month low of $78.14 and a twelve month high of $156.35. The company has a market cap of $79.46 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 3.30 and a beta of 0.97. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating 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 firm 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 company earned $2.42 EPS. The firm’s revenue for the quarter was down 25.0% compared to the same quarter last year. Research analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be paid a dividend of $0.73 per share. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 2.00%. 3M’s dividend payout ratio is presently 38.68%.

Insider Activity at 3M

In other 3M news, Chairman Michael F. Roman sold 45,276 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $150.01, for a total value of $6,791,852.76. Following the completion of the sale, the chairman now owns 175,718 shares in the company, valued at approximately $26,359,457.18. This trade represents a 20.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s stock in a transaction that occurred on 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 position. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 in the last 90 days. 0.34% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MMM. Bank of America upped their target price on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 target price on shares of 3M in a research report on Thursday, February 27th. Citigroup upped their target price on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Friday. Finally, Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $140.00 to $170.00 in a research report on Wednesday, January 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

3M Company 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.