Viawealth LLC Cuts Holdings in 3M (NYSE:MMM)

Viawealth LLC reduced its position in shares of 3M (NYSE:MMM) by 19.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,615 shares of the conglomerate’s stock after selling 867 shares during the quarter. Viawealth LLC’s holdings in 3M were worth $467,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Financial Life Planners purchased a new position in 3M during the fourth quarter worth approximately $25,000. FSA Wealth Management LLC purchased a new position in shares of 3M during the 3rd quarter valued at approximately $27,000. True Wealth Design LLC lifted its position in shares of 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after buying an additional 296 shares in the last quarter. ORG Partners LLC raised its position in 3M by 44.1% during 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 period. Finally, Catalyst Capital Advisors LLC raised 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 and hedge funds.

3M Price Performance

Shares of MMM opened at $153.20 on Thursday. The firm has a 50-day simple moving average of $147.62 and a two-hundred day simple moving average of $137.26. The stock has a market cap of $83.17 billion, a PE ratio of 20.29, a P/E/G ratio of 3.30 and a beta of 0.97. 3M has a 1-year low of $85.62 and a 1-year high of $156.35. 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 (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the previous year, the company earned $2.42 earnings per share. The firm’s quarterly revenue was down 25.0% compared to the same quarter last year. As a group, analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were paid a dividend of $0.73 per share. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 1.91%. 3M’s dividend payout ratio is presently 38.68%.

Wall Street Analyst Weigh In

MMM has been the topic of several research analyst reports. Barclays lifted their target price on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Royal Bank of Canada reiterated an “underperform” rating and set a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. 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 report on Wednesday, January 22nd. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

Insider Activity at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the sale, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction on Friday, January 31st. The stock was 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 owns 194 shares of the company’s stock, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock worth $17,163,446 in the last three months. 0.34% of the stock is owned by company 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.