Envestnet Portfolio Solutions Inc. Has $6.41 Million Position in 3M (NYSE:MMM)

Envestnet Portfolio Solutions Inc. lowered its stake in 3M (NYSE:MMM) by 5.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 49,627 shares of the conglomerate’s stock after selling 3,105 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in 3M were worth $6,406,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Financial Life Planners bought a new position in 3M in the fourth quarter valued at approximately $25,000. Proficio Capital Partners LLC bought a new position in 3M in the fourth quarter valued at approximately $26,000. FSA Wealth Management LLC bought a new position in 3M in the third quarter valued at approximately $27,000. Daymark Wealth Partners LLC boosted its stake in 3M by 9.0% in the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 19,552 shares during the last quarter. Finally, ORG Partners LLC boosted its stake in 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after acquiring an additional 98 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Buying and Selling at 3M

In other news, Chairman Michael F. Roman sold 45,276 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $150.01, for a total transaction of $6,791,852.76. Following the transaction, the chairman now directly owns 175,718 shares in the company, valued at $26,359,457.18. The trade was a 20.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,639 shares of company stock worth $17,163,446. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Bank of America raised their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. lifted their price target on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Barclays lifted their price target on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Citigroup lifted their price target on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research report on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and an average price target of $149.13.

3M Stock Up 1.9 %

Shares of MMM stock opened at $153.31 on Tuesday. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a 1 year low of $85.62 and a 1 year high of $156.35. The firm’s fifty day moving average price is $146.89 and its two-hundred day moving average price is $137.04. The firm has a market capitalization of $83.23 billion, a P/E ratio of 20.31, a PEG ratio of 3.30 and a beta of 0.97.

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

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a $0.73 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Friday, February 14th. 3M’s payout ratio is presently 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.