3M (NYSE:MMM) Shares Sold by Wilkins Investment Counsel Inc.

Wilkins Investment Counsel Inc. decreased its holdings in 3M (NYSE:MMM) by 0.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 149,680 shares of the conglomerate’s stock after selling 796 shares during the quarter. 3M accounts for approximately 2.8% of Wilkins Investment Counsel Inc.’s holdings, making the stock its 9th biggest holding. Wilkins Investment Counsel Inc.’s holdings in 3M were worth $19,322,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. FMR LLC increased its position in shares of 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares in the last quarter. Amundi increased its position in shares of 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock worth $337,815,000 after purchasing an additional 898,244 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of 3M during the 4th quarter worth about $103,788,000. Jennison Associates LLC acquired a new stake in shares of 3M during the 3rd quarter worth about $82,208,000. Finally, Parsifal Capital Management LP increased its position in shares of 3M by 179.0% during the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after purchasing an additional 526,194 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Up 1.5 %

Shares of NYSE MMM opened at $153.20 on Thursday. The firm has a market capitalization of $83.17 billion, a PE ratio of 20.29, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a 1 year low of $85.62 and a 1 year high of $156.35. The firm’s 50-day moving average is $147.62 and its 200-day moving average is $137.26.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (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 analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.42 EPS. Equities analysts expect that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.91%. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio (DPR) is currently 38.68%.

Analyst Ratings Changes

A number of brokerages recently issued reports on MMM. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Friday, March 7th. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Barclays increased their price objective on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. increased their price objective on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $149.13.

Insider Activity at 3M

In related 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 value of $944,098.74. Following the sale, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. This trade represents a 55.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Michael F. Roman sold 49,598 shares of the firm’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 transaction 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 trade represents a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 in the last ninety days. Company 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.