LPL Financial LLC Increases Stock Position in 3M (NYSE:MMM)

LPL Financial LLC boosted its holdings in shares of 3M (NYSE:MMM) by 9.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 804,916 shares of the conglomerate’s stock after buying an additional 67,385 shares during the quarter. LPL Financial LLC owned approximately 0.15% of 3M worth $103,907,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Financial Life Planners bought a new position in shares of 3M in the 4th quarter worth $25,000. Proficio Capital Partners LLC bought a new position in 3M in the fourth quarter worth about $26,000. FSA Wealth Management LLC purchased a new stake in shares of 3M during the third quarter valued at about $27,000. Daymark Wealth Partners LLC boosted its holdings in shares of 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after buying an additional 19,552 shares in the last quarter. Finally, ORG Partners LLC grew its position in shares of 3M by 44.1% in the 4th 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. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

NYSE MMM opened at $153.53 on Wednesday. The firm has a market capitalization of $83.35 billion, a P/E ratio of 20.34, a PEG ratio of 3.30 and a beta of 0.97. The stock has a 50-day simple moving average of $149.05 and a two-hundred day simple moving average of $137.88. 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 fifty-two week low of $85.62 and a fifty-two week high of $156.35.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating 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 company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. During the same period last year, the business earned $2.42 earnings per share. 3M’s quarterly revenue was down 25.0% on a year-over-year basis. On average, equities analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a dividend of $0.73 per share. The ex-dividend date was Friday, February 14th. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 1.90%. 3M’s dividend payout ratio is 38.68%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research note on Saturday. Citigroup raised 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. Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 target price on shares of 3M in a research report on Thursday, February 27th. Barclays raised their price target on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company upgraded shares of 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 report on Wednesday, January 22nd. Two investment 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. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.13.

Insider Activity at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’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 value of $944,098.74. Following the sale, the insider now directly owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now directly owns 194 shares of the company’s stock, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is owned by company insiders.

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.