Ashton Thomas Private Wealth LLC Has $1.74 Million Holdings in 3M (NYSE:MMM)

Ashton Thomas Private Wealth LLC cut its stake in 3M (NYSE:MMM) by 9.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,447 shares of the conglomerate’s stock after selling 1,359 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in 3M were worth $1,736,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Financial Life Planners acquired a new position in shares of 3M in the 4th quarter worth approximately $25,000. FSA Wealth Management LLC acquired a new stake in 3M during the 3rd quarter valued at $27,000. True Wealth Design LLC increased its holdings in 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 purchasing an additional 296 shares in the last quarter. ORG Partners LLC increased its holdings in 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 98 shares in the last quarter. Finally, Catalyst Capital Advisors LLC increased its holdings in 3M by 81.5% during the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock valued at $47,000 after purchasing an additional 163 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Price Performance

NYSE:MMM opened at $146.36 on Friday. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The stock’s 50-day simple moving average is $144.51 and its 200 day simple moving average is $136.23. The company has a market cap of $79.46 billion, a P/E ratio of 19.38, a P/E/G ratio of 3.30 and a beta of 0.97. 3M has a 52-week low of $78.14 and a 52-week high of $156.35.

3M (NYSE:MMM) last released 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. The business had revenue of $6.01 billion for 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 quarterly revenue was down 25.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.42 earnings per share. As a group, sell-side analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be paid a $0.73 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 2.00%. 3M’s dividend payout ratio is currently 38.68%.

Wall Street Analyst Weigh In

Several research firms have weighed in on MMM. Barclays lifted their target price on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Bank of America lifted their target price on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a report on Friday. JPMorgan Chase & Co. boosted their price target on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

Insider Buying and Selling at 3M

In other 3M news, Chairman Michael F. Roman sold 49,598 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the sale, the chairman now owns 180,895 shares in the company, valued at $27,550,308.50. This represents a 21.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the sale, the chief accounting officer now owns 4,417 shares in the company, valued at $662,329.15. This represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 over the last 90 days. Company insiders own 0.34% of the company’s stock.

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.