Cannell & Spears LLC Reduces Stake in 3M (NYSE:MMM)

Cannell & Spears LLC cut its stake in shares of 3M (NYSE:MMM) by 46.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,062 shares of the conglomerate’s stock after selling 34,072 shares during the period. Cannell & Spears LLC’s holdings in 3M were worth $5,043,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Alliancebernstein L.P. raised its holdings in 3M by 26.6% during the 4th quarter. Alliancebernstein L.P. now owns 2,540,883 shares of the conglomerate’s stock valued at $328,003,000 after buying an additional 533,753 shares during the period. Meeder Asset Management Inc. increased its position in 3M by 230.1% during the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock valued at $40,000 after acquiring an additional 214 shares during the last quarter. Hazlett Burt & Watson Inc. purchased a new stake in shares of 3M in the fourth quarter valued at $27,000. Wellington Management Group LLP lifted its holdings in shares of 3M by 0.4% in the 4th quarter. Wellington Management Group LLP now owns 614,438 shares of the conglomerate’s stock worth $79,318,000 after acquiring an additional 2,681 shares during the last quarter. Finally, Skba Capital Management LLC boosted its stake in shares of 3M by 1.5% during the 4th quarter. Skba Capital Management LLC now owns 98,620 shares of the conglomerate’s stock worth $12,731,000 after purchasing an additional 1,450 shares during the period. 65.25% of the stock is owned by institutional investors.

Insider Buying and Selling at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This trade represents a 55.70 % 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 quarter. Insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of MMM opened at $147.03 on Tuesday. 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 company has a 50 day moving average price of $149.72 and a 200-day moving average price of $138.39. 3M has a fifty-two week low of $88.23 and a fifty-two week high of $156.35. The stock has a market capitalization of $79.82 billion, a PE ratio of 19.47, a PEG ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M’s revenue was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.42 earnings per share. Equities analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given 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 1.99%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is presently 38.68%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MMM. Bank of America raised their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a report on Saturday, March 22nd. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. lifted their target price 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 restated an “underperform” rating and issued a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

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.