Midland Wealth Advisors LLC Sells 337 Shares of 3M (NYSE:MMM)

Midland Wealth Advisors LLC lessened its position in 3M (NYSE:MMM) by 12.8% during the fourth quarter, Holdings Channel reports. The fund owned 2,300 shares of the conglomerate’s stock after selling 337 shares during the period. Midland Wealth Advisors LLC’s holdings in 3M were worth $297,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Main Street Research LLC increased its stake in 3M by 88.1% in the fourth quarter. Main Street Research LLC now owns 8,076 shares of the conglomerate’s stock valued at $1,043,000 after acquiring an additional 3,782 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in 3M by 2.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 430,508 shares of the conglomerate’s stock valued at $55,574,000 after acquiring an additional 12,075 shares during the last quarter. OFI Invest Asset Management bought a new position in 3M in the fourth quarter valued at $1,841,000. Amundi increased its stake in 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after acquiring an additional 898,244 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC increased its stake in 3M by 44.5% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 20,685 shares of the conglomerate’s stock valued at $2,670,000 after acquiring an additional 6,369 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Insiders Place Their Bets

In other news, 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 completion of the transaction, the insider now directly owns 5,153 shares in the company, valued at approximately $774,238.25. This trade represents a 24.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction that occurred on Friday, January 24th. The shares were 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 $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock worth $17,163,446 over the last three months. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Bank of America raised their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Friday. JPMorgan Chase & Co. raised their price objective on 3M from $162.00 to $165.00 and gave the company 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 note on Thursday, February 27th. Finally, UBS Group raised 3M from a “neutral” rating to a “buy” rating and raised their price objective for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Two 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $149.13.

3M Stock Performance

Shares of MMM opened at $147.71 on Tuesday. 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 has a one year low of $78.14 and a one year high of $156.35. The company has a 50-day simple moving average of $144.89 and a two-hundred day simple moving average of $136.41. The firm has a market capitalization of $80.19 billion, a PE ratio of 19.56, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last issued 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. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same period last year, the business posted $2.42 earnings per share. 3M’s quarterly revenue was down 25.0% compared to the same quarter last year. On average, 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 will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be issued a $0.73 dividend. The ex-dividend date is Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.98%. 3M’s dividend payout ratio (DPR) is 38.68%.

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.