Edmp Inc. Cuts Stock Position in 3M (NYSE:MMM)

Edmp Inc. trimmed its holdings in shares of 3M (NYSE:MMM) by 23.0% during the fourth quarter, HoldingsChannel reports. The firm owned 12,315 shares of the conglomerate’s stock after selling 3,671 shares during the quarter. 3M accounts for about 1.5% of Edmp Inc.’s investment portfolio, making the stock its 27th biggest holding. Edmp Inc.’s holdings in 3M were worth $1,590,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in MMM. Financial Life Planners bought a new stake in 3M in the fourth quarter worth about $25,000. FSA Wealth Management LLC bought a new stake in shares of 3M in the 3rd quarter worth approximately $27,000. McClarren Financial Advisors Inc. lifted its stake in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the last quarter. Daymark Wealth Partners LLC grew its holdings 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 purchasing an additional 19,552 shares during the period. Finally, ORG Partners LLC increased its position in 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after buying an additional 98 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Down 0.2 %

Shares of NYSE MMM opened at $149.59 on Tuesday. The business has a 50-day moving average of $137.11 and a 200-day moving average of $132.92. 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 capitalization of $81.21 billion, a price-to-earnings ratio of 19.81, a PEG ratio of 3.37 and a beta of 0.96. 3M has a 12 month low of $75.40 and a 12 month high of $155.00.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company’s revenue was down 25.0% on a year-over-year basis. During the same period in the prior year, the company earned $2.42 EPS. Sell-side analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.95%. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, February 14th. 3M’s dividend payout ratio is presently 37.09%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. upped their price target on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Bank of America increased their target price on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Royal Bank of Canada restated an “underperform” rating and set a $96.00 price target on shares of 3M in a research note on Wednesday, January 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a report on Saturday, February 1st. Finally, Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

Insider Buying and Selling

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction that occurred on Friday, January 31st. The shares were 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 in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 in the last ninety days. 0.34% of the stock is owned by insiders.

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.