Securian Asset Management Inc. Cuts Stock Holdings in 3M (NYSE:MMM)

Securian Asset Management Inc. decreased its stake in shares of 3M (NYSE:MMM) by 3.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,266 shares of the conglomerate’s stock after selling 1,117 shares during the period. Securian Asset Management Inc.’s holdings in 3M were worth $3,778,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Financial Life Planners purchased a new position in shares of 3M during the fourth quarter valued at approximately $25,000. FSA Wealth Management LLC purchased a new position in shares of 3M during the third quarter valued at approximately $27,000. True Wealth Design LLC boosted its position in 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 296 shares during the last quarter. ORG Partners LLC boosted its position in 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after purchasing an additional 98 shares during the last quarter. Finally, Catalyst Capital Advisors LLC boosted its position in 3M by 81.5% in the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock worth $47,000 after purchasing an additional 163 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insiders Place Their Bets

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the transaction, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the company’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the completion of the transaction, the insider now owns 5,153 shares of the company’s stock, valued at $774,238.25. The trade was a 24.20 % 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. 0.38% of the stock is currently owned by insiders.

3M Stock Performance

NYSE:MMM opened at $150.29 on Thursday. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a 52-week low of $82.94 and a 52-week high of $156.35. The firm has a market cap of $81.59 billion, a price-to-earnings ratio of 19.91, a PEG ratio of 3.30 and a beta of 0.97. The business’s fifty day moving average is $145.68 and its 200 day moving average is $136.63.

3M (NYSE:MMM) last released its quarterly earnings data 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. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same period in the previous year, the company posted $2.42 EPS. The firm’s revenue for the quarter was down 25.0% compared to the same quarter last year. Research analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a $0.73 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio is currently 38.68%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Bank of America boosted their price objective on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Barclays boosted their price objective on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Citigroup boosted their price objective on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their price objective on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Finally, Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 price objective on shares of 3M in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, 3M has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

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.