Summitry LLC Has $4.83 Million Holdings in 3M (NYSE:MMM)

Summitry LLC decreased its position in shares of 3M (NYSE:MMM) by 20.8% in the fourth quarter, Holdings Channel reports. The fund owned 37,405 shares of the conglomerate’s stock after selling 9,835 shares during the period. Summitry LLC’s holdings in 3M were worth $4,829,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Financial Life Planners acquired a new position in shares of 3M during the 4th quarter worth about $25,000. FSA Wealth Management LLC acquired a new position in shares of 3M during the third quarter worth approximately $27,000. True Wealth Design LLC boosted its position in shares of 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 296 shares during the period. ORG Partners LLC grew its stake in shares of 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after acquiring an additional 98 shares during the last quarter. Finally, Catalyst Capital Advisors LLC increased its position in 3M by 81.5% during the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock worth $47,000 after acquiring an additional 163 shares during the period. 65.25% of the stock is currently owned by institutional investors.

3M Stock Performance

NYSE MMM opened at $153.53 on Wednesday. 3M has a 1-year low of $85.62 and a 1-year high of $156.35. The company has a 50 day moving average of $149.05 and a 200-day moving average of $137.88. 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 firm has a market cap of $83.35 billion, a price-to-earnings ratio of 20.34, a PEG ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business’s revenue was down 25.0% on a year-over-year basis. During the same period last year, the firm posted $2.42 EPS. On average, equities analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.90%. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio is presently 38.68%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Bank of America raised their price target 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. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research note on Saturday. JPMorgan Chase & Co. raised their price objective on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, Barclays raised their target price on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $149.13.

Insider Activity

In related news, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the transaction, the chief accounting officer now owns 4,417 shares in the company, valued at $662,329.15. This trade represents a 34.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares of the company’s stock, valued at $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock valued at $17,163,446 over the last three months. 0.34% of the stock is owned by insiders.

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.