Quintet Private Bank Europe S.A. Lowers Stock Position in 3M (NYSE:MMM)

Quintet Private Bank Europe S.A. cut its stake in shares of 3M (NYSE:MMM) by 42.4% in the fourth quarter, HoldingsChannel reports. The fund owned 10,400 shares of the conglomerate’s stock after selling 7,646 shares during the period. Quintet Private Bank Europe S.A.’s holdings in 3M were worth $1,343,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Financial Life Planners bought a new position in shares of 3M in the fourth quarter worth approximately $25,000. Proficio Capital Partners LLC purchased a new position in shares of 3M during the 4th quarter valued at $26,000. FSA Wealth Management LLC purchased a new stake in 3M in the 3rd quarter worth $27,000. Daymark Wealth Partners LLC raised 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 acquiring an additional 19,552 shares during the period. Finally, ORG Partners LLC boosted its stake in shares of 3M by 44.1% in 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. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Up 3.1 %

Shares of MMM stock opened at $155.25 on Monday. The company has a market cap of $84.29 billion, a PE ratio of 20.56, a price-to-earnings-growth ratio of 3.30 and a beta of 0.96. 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 stock’s 50 day simple moving average is $142.73 and its two-hundred day simple moving average is $135.56. 3M has a 1 year low of $75.40 and a 1 year high of $155.50.

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, topping analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M’s revenue was down 25.0% on a year-over-year basis. During the same period last year, the company earned $2.42 earnings per share. Research analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be paid a dividend of $0.73 per share. The ex-dividend date is Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.88%. 3M’s payout ratio is currently 38.68%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of 3M in a research note on Wednesday, February 19th. Citigroup raised their target price on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their price target 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. Wells Fargo & Company raised shares of 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 report on Wednesday, January 22nd. Finally, Bank of America lifted their target price on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Two 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’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $148.87.

Insider Activity at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the transaction, the insider now owns 5,024 shares in the company, valued at $750,736.32. The trade was a 55.70 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kevin H. Rhodes sold 6,743 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $149.85, for a total value of $1,010,438.55. Following the completion of the sale, the executive vice president now owns 4,902 shares in the company, valued at approximately $734,564.70. The trade was a 57.90 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 113,639 shares of company stock worth $17,163,446. Insiders own 0.34% of the company’s stock.

About 3M

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.