3M (NYSE:MMM) Shares Sold by Ritholtz Wealth Management

Ritholtz Wealth Management lowered its stake in shares of 3M (NYSE:MMM) by 20.1% in the fourth quarter, HoldingsChannel reports. The fund owned 19,614 shares of the conglomerate’s stock after selling 4,933 shares during the quarter. Ritholtz Wealth Management’s holdings in 3M were worth $2,144,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Successful Portfolios LLC increased its position in 3M by 8.7% during the 4th quarter. Successful Portfolios LLC now owns 3,025 shares of the conglomerate’s stock worth $331,000 after purchasing an additional 242 shares in the last quarter. Verum Partners LLC increased its position in 3M by 15.1% during the 4th quarter. Verum Partners LLC now owns 2,618 shares of the conglomerate’s stock worth $286,000 after purchasing an additional 343 shares in the last quarter. Buckley Wealth Management LLC increased its position in 3M by 19.5% during the 4th quarter. Buckley Wealth Management LLC now owns 21,869 shares of the conglomerate’s stock worth $2,391,000 after purchasing an additional 3,568 shares in the last quarter. LaFleur & Godfrey LLC acquired a new stake in 3M during the 4th quarter worth approximately $255,000. Finally, Westbourne Investment Advisors Inc. acquired a new stake in 3M during the 4th quarter worth approximately $221,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

Shares of MMM traded up $1.46 during midday trading on Thursday, hitting $106.05. 4,385,166 shares of the stock traded hands, compared to its average volume of 5,107,112. 3M has a 1-year low of $85.35 and a 1-year high of $113.14. The firm has a market capitalization of $58.61 billion, a PE ratio of -8.40, a price-to-earnings-growth ratio of 1.45 and a beta of 1.00. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The business’s 50 day moving average price is $96.86 and its two-hundred day moving average price is $97.78.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The company had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same quarter in the previous year, the company posted $2.28 earnings per share. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. Equities research analysts predict that 3M will post 9.77 EPS for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were paid a dividend of $1.51 per share. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a dividend yield of 5.70%. The ex-dividend date was Thursday, February 15th. 3M’s payout ratio is currently -47.82%.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Mizuho reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of 3M in a research report on Wednesday. Wells Fargo & Company lowered their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $84.00 price objective on shares of 3M in a research report on Wednesday, March 20th. StockNews.com assumed coverage on shares of 3M in a research report on Wednesday. They issued a “buy” rating for the company. Finally, Citigroup lowered their price objective on shares of 3M from $117.00 to $104.00 and set a “neutral” rating for the company in a research report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, 3M presently has a consensus rating of “Hold” and an average price target of $107.60.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.