3M (NYSE:MMM) Shares Sold by Wells Fargo & Company MN

Wells Fargo & Company MN cut its holdings in 3M (NYSE:MMM) by 31.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 2,264,203 shares of the conglomerate’s stock after selling 1,040,954 shares during the quarter. Wells Fargo & Company MN’s holdings in 3M were worth $292,286,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of MMM. Financial Life Planners acquired a new position in shares of 3M in the fourth quarter worth about $25,000. Proficio Capital Partners LLC purchased a new position in shares of 3M during the fourth quarter valued at $26,000. Hazlett Burt & Watson Inc. acquired a new position in 3M during the fourth quarter valued at $27,000. Daymark Wealth Partners LLC lifted its stake in 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 19,552 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its position in 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock worth $40,000 after acquiring an additional 214 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MMM. Bank of America lifted their price target on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Citigroup increased their price target on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. JPMorgan Chase & Co. upped 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. Finally, Royal Bank of Canada reissued an “underperform” rating and set a $96.00 target price on shares of 3M in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and an average target price of $149.13.

Insider Buying and Selling at 3M

In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of the business’s 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 completion of the sale, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Michael F. Roman sold 49,598 shares of the company’s stock in a transaction on Wednesday, January 29th. The shares were 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 of the company’s stock, valued at $27,550,308.50. The trade was a 21.52 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Performance

NYSE:MMM opened at $126.62 on Friday. The stock has a market capitalization of $68.29 billion, a P/E ratio of 16.77, 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 $90.17 and a 1 year high of $156.35. The firm has a 50 day moving average of $149.05 and a 200-day moving average of $138.55.

3M (NYSE:MMM) last issued its quarterly earnings data 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 firm 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%. The business’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 posted $2.42 EPS. As a group, sell-side analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a dividend of $0.73 per share. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 2.31%. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is currently 38.68%.

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.