Canvas Wealth Advisors LLC Sells 6,731 Shares of 3M (NYSE:MMM)

Canvas Wealth Advisors LLC reduced its stake in shares of 3M (NYSE:MMM) by 11.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,012 shares of the conglomerate’s stock after selling 6,731 shares during the period. 3M accounts for approximately 1.7% of Canvas Wealth Advisors LLC’s portfolio, making the stock its 19th biggest holding. Canvas Wealth Advisors LLC’s holdings in 3M were worth $6,585,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. CWM LLC grew its holdings in 3M by 16.5% during the third quarter. CWM LLC now owns 47,161 shares of the conglomerate’s stock valued at $6,447,000 after purchasing an additional 6,671 shares during the last quarter. Wedmont Private Capital boosted its holdings in shares of 3M by 19.5% during the 3rd quarter. Wedmont Private Capital now owns 2,474 shares of the conglomerate’s stock worth $334,000 after buying an additional 404 shares during the period. Livforsakringsbolaget Skandia Omsesidigt grew its stake in 3M by 326.7% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 3,785 shares of the conglomerate’s stock valued at $517,000 after buying an additional 2,898 shares during the last quarter. Gateway Investment Advisers LLC raised its holdings in 3M by 58.3% in the 3rd quarter. Gateway Investment Advisers LLC now owns 6,470 shares of the conglomerate’s stock worth $884,000 after acquiring an additional 2,382 shares during the period. Finally, Ritholtz Wealth Management lifted its position in 3M by 57.0% during the 3rd quarter. Ritholtz Wealth Management now owns 7,628 shares of the conglomerate’s stock worth $1,043,000 after acquiring an additional 2,768 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

3M stock opened at $149.90 on Monday. The business has a 50 day simple moving average of $137.11 and a 200 day simple moving average of $132.72. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The company has a market capitalization of $81.38 billion, a PE ratio of 19.85, a price-to-earnings-growth ratio of 3.37 and a beta of 0.96. 3M has a one year low of $75.40 and a one year high of $155.00.

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

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be issued 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 of this dividend is Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.95%. 3M’s dividend payout ratio (DPR) is presently 38.68%.

Insider Activity

In related news, EVP Victoria Clarke sold 1,750 shares of 3M 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 completion of the transaction, the executive vice president now directly owns 194 shares of the company’s stock, valued at $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the sale, the chief accounting officer now directly owns 4,417 shares in the company, valued at approximately $662,329.15. This represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,639 shares of company stock worth $17,163,446. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MMM. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Bank of America lifted their price target on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. raised their price objective on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Barclays upped their target price on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Citigroup raised 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. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $148.87.

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.