3M (NYSE:MMM) Shares Sold by Simplify Asset Management Inc.

Simplify Asset Management Inc. cut its position in shares of 3M (NYSE:MMM) by 34.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,871 shares of the conglomerate’s stock after selling 13,563 shares during the quarter. Simplify Asset Management Inc.’s holdings in 3M were worth $3,340,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Thrivent Financial for Lutherans grew its stake in 3M by 5.6% during the third quarter. Thrivent Financial for Lutherans now owns 64,013 shares of the conglomerate’s stock worth $8,751,000 after buying an additional 3,404 shares during the period. LPL Financial LLC boosted its position in 3M by 1.3% during the 3rd quarter. LPL Financial LLC now owns 737,531 shares of the conglomerate’s stock worth $100,820,000 after purchasing an additional 9,158 shares during the period. Eagle Asset Management Inc. purchased a new position in 3M in the third quarter valued at about $6,191,000. Nwam LLC acquired a new position in shares of 3M during the third quarter worth about $1,754,000. Finally, Leelyn Smith LLC boosted its position in shares of 3M by 1.3% in the third quarter. Leelyn Smith LLC now owns 21,513 shares of the conglomerate’s stock worth $2,941,000 after buying an additional 277 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the business’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 of the company’s stock, valued at $29,918.68. The trade was a 90.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the sale, the chief accounting officer now owns 4,417 shares in the company, valued at $662,329.15. The trade was 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 three months. 0.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MMM has been the topic of several recent research reports. Citigroup boosted their price target on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Bank of America boosted 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. Barclays raised their price target on shares of 3M from $161.00 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 report on Friday, March 7th. Finally, JPMorgan Chase & Co. raised their target price on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 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 company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $149.13.

3M Stock Performance

Shares of MMM opened at $150.35 on Friday. The stock has a market capitalization of $81.63 billion, a PE ratio of 19.91, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The business’s fifty day moving average price is $148.35 and its 200 day moving average price is $137.52. 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 has a 12-month low of $85.62 and a 12-month 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, topping 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 for the quarter, compared to the consensus estimate of $5.77 billion. During the same period last year, the firm posted $2.42 EPS. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. Equities research analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a dividend of $0.73 per share. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.94%. 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.