3M (NYSE:MMM) Stock Holdings Cut by Ipswich Investment Management Co. Inc.

Ipswich Investment Management Co. Inc. reduced its holdings in 3M (NYSE:MMM) by 12.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,601 shares of the conglomerate’s stock after selling 1,851 shares during the quarter. Ipswich Investment Management Co. Inc.’s holdings in 3M were worth $1,756,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of MMM. Foundations Investment Advisors LLC raised its stake in shares of 3M by 20.9% during the 3rd quarter. Foundations Investment Advisors LLC now owns 4,195 shares of the conglomerate’s stock worth $573,000 after purchasing an additional 724 shares in the last quarter. McAdam LLC boosted its position in shares of 3M by 55.7% in the third quarter. McAdam LLC now owns 4,080 shares of the conglomerate’s stock valued at $558,000 after acquiring an additional 1,460 shares during the period. International Assets Investment Management LLC increased its holdings in shares of 3M by 11,601.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after purchasing an additional 1,250,491 shares during the period. Grimes & Company Inc. raised its holdings in 3M by 3.2% in the 3rd quarter. Grimes & Company Inc. now owns 9,023 shares of the conglomerate’s stock valued at $1,233,000 after acquiring an additional 276 shares in the last quarter. Finally, IFM Investors Pty Ltd boosted its position in shares of 3M by 1.0% during the 3rd quarter. IFM Investors Pty Ltd now owns 113,557 shares of the conglomerate’s stock valued at $15,523,000 after acquiring an additional 1,154 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Trading Down 2.8 %

3M stock opened at $144.87 on Friday. The firm’s 50 day moving average price is $140.62 and its 200-day moving average price is $134.56. 3M has a 1 year low of $75.40 and a 1 year high of $155.00. The stock has a market cap of $78.65 billion, a P/E ratio of 19.19, a PEG ratio of 3.32 and a beta of 0.96. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same period in the prior year, the business posted $2.42 earnings per share. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. On average, 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 will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be given a $0.73 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend is Friday, February 14th. 3M’s dividend payout ratio (DPR) is presently 38.68%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. 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. Weiss Ratings restated a “hold (c)” rating on shares of 3M in a research report on Wednesday. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Bank of America increased their price objective on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. raised their price target on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, 3M has a consensus rating of “Moderate Buy” and an average target price of $148.87.

Insider Transactions at 3M

In other news, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the transaction, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. This trade represents a 34.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Michael F. Roman sold 49,598 shares of the business’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the transaction, the chairman now directly owns 180,895 shares in the company, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,639 shares of company stock worth $17,163,446. Company insiders own 0.34% of the company’s stock.

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.