Hardin Capital Partners LLC Decreases Stake in 3M (NYSE:MMM)

Hardin Capital Partners LLC lessened its stake in shares of 3M (NYSE:MMM) by 6.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,017 shares of the conglomerate’s stock after selling 149 shares during the quarter. Hardin Capital Partners LLC’s holdings in 3M were worth $260,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Financial Life Planners bought a new stake in 3M during the 4th quarter valued at approximately $25,000. FSA Wealth Management LLC purchased a new stake in 3M during the 3rd quarter valued at about $27,000. True Wealth Design LLC increased its stake 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 raised its holdings 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 buying an additional 98 shares during the last quarter. Finally, Catalyst Capital Advisors LLC lifted its stake in shares of 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 buying an additional 163 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Price Performance

Shares of 3M stock opened at $153.53 on Wednesday. The stock has a market cap of $83.35 billion, a P/E ratio of 20.34, a P/E/G ratio of 3.30 and a beta of 0.97. 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 fifty day moving average is $149.05 and its 200 day moving average is $137.88. 3M has a one year low of $85.62 and a one year high of $156.35.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. The firm 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%. The business’s revenue for the quarter was down 25.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.42 earnings per share. Sell-side analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. The ex-dividend date was 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 1.90%. 3M’s dividend payout ratio is 38.68%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MMM. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a report on Saturday. JPMorgan Chase & Co. boosted their price target on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 price objective on shares of 3M in a research report on Thursday, February 27th. Bank of America boosted their target price on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Finally, Citigroup lifted 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. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $149.13.

Insider Activity

In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were 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 $662,329.15. This trade represents a 34.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of 3M stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $150.25, for a total transaction of $247,161.25. Following the sale, the insider now owns 5,153 shares in the company, valued at approximately $774,238.25. The trade was a 24.20 % 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 in the last three months. Company insiders own 0.34% of the company’s stock.

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.