3M (NYSE:MMM) Shares Sold by SVB Wealth LLC

SVB Wealth LLC reduced its holdings in 3M (NYSE:MMM) by 2.8% in the 4th quarter, Holdings Channel reports. The institutional investor owned 23,593 shares of the conglomerate’s stock after selling 673 shares during the quarter. SVB Wealth LLC’s holdings in 3M were worth $2,579,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Moneta Group Investment Advisors LLC boosted its position in shares of 3M by 73,903.2% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock worth $798,258,000 after purchasing an additional 6,647,593 shares in the last quarter. Pacer Advisors Inc. lifted its stake in shares of 3M by 1,273.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after purchasing an additional 3,508,334 shares during the period. Norges Bank purchased a new stake in 3M during the fourth quarter worth about $369,974,000. Renaissance Technologies LLC grew its position in 3M by 1,889.1% during the first quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock worth $201,971,000 after buying an additional 1,288,400 shares during the period. Finally, International Assets Investment Management LLC increased its holdings in 3M by 8,766.0% in the fourth quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after buying an additional 1,068,748 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Down 0.1 %

Shares of NYSE MMM opened at $90.95 on Thursday. The firm has a market cap of $50.33 billion, a P/E ratio of -7.20, a price-to-earnings-growth ratio of 1.61 and a beta of 1.02. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. 3M has a 1 year low of $71.12 and a 1 year high of $95.67. The firm’s 50 day moving average price is $95.81 and its 200 day moving average price is $97.26.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.11. The business had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business’s revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.28 earnings per share. As a group, sell-side analysts anticipate that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a $1.51 dividend. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 annualized dividend and a yield of 6.64%. 3M’s payout ratio is -47.82%.

Analyst Ratings Changes

A number of research firms recently weighed in on MMM. Bank of America lowered their price target on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. JPMorgan Chase & Co. dropped their price target on 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research report on Wednesday. Citigroup boosted their price objective on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Royal Bank of Canada dropped their target price on shares of 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a report on Tuesday, April 2nd. Finally, StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $104.00.

Insider Activity

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

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.