3M (NYSE:MMM) Position Trimmed by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC decreased its holdings in shares of 3M (NYSE:MMM) by 1.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,112 shares of the conglomerate’s stock after selling 69 shares during the period. Frank Rimerman Advisors LLC’s holdings in 3M were worth $660,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp boosted its holdings in shares of 3M by 1.1% during the third quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock valued at $3,717,503,000 after acquiring an additional 302,900 shares during the period. FMR LLC boosted its holdings in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock valued at $734,456,000 after acquiring an additional 479,621 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of 3M by 1.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock valued at $521,596,000 after acquiring an additional 43,942 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of 3M by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,577,045 shares of the conglomerate’s stock valued at $461,761,000 after acquiring an additional 17,228 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MMM. Barclays upped their price objective on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. JPMorgan Chase & Co. upped their price target on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Bank of America upped their price target on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $149.13.

3M Trading Up 3.1 %

NYSE:MMM opened at $150.58 on Friday. The stock’s 50 day moving average price is $146.42 and its 200 day moving average price is $136.86. 3M has a 52 week low of $85.62 and a 52 week high of $156.35. The company has a market capitalization of $81.75 billion, a P/E ratio of 19.94, 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.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the company posted $2.42 earnings per share. The firm’s revenue was down 25.0% on a year-over-year basis. On average, research analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a $0.73 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.94%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is currently 38.68%.

Insiders Place Their Bets

In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The stock was 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 owns 4,417 shares of the company’s stock, valued at $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 sale, the executive vice president now directly owns 194 shares of the company’s stock, valued at $29,918.68. The trade was a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 over the last 90 days. 0.38% of the stock is currently 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.