3M (NYSE:MMM) Shares Acquired by Pettyjohn Wood & White Inc.

Pettyjohn Wood & White Inc. increased its stake in shares of 3M (NYSE:MMM) by 22.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,698 shares of the conglomerate’s stock after acquiring an additional 500 shares during the quarter. Pettyjohn Wood & White Inc.’s holdings in 3M were worth $348,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MMM. Financial Life Planners acquired a new stake in shares of 3M during the fourth quarter worth about $25,000. FSA Wealth Management LLC acquired a new position in 3M during the third quarter worth approximately $27,000. True Wealth Design LLC lifted its stake in 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after buying an additional 296 shares during the last quarter. ORG Partners LLC boosted its holdings in shares of 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after acquiring an additional 98 shares during the period. Finally, Catalyst Capital Advisors LLC increased its holdings in shares of 3M by 81.5% in the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock valued at $47,000 after acquiring an additional 163 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Up 2.1 %

3M stock opened at $150.48 on Friday. The stock has a 50-day moving average price of $142.21 and a 200 day moving average price of $135.20. 3M has a 52 week low of $75.40 and a 52 week high of $155.00. The stock has a market cap of $81.70 billion, a PE ratio of 19.93, a P/E/G ratio of 3.30 and a beta of 0.96. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The business had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company’s revenue was down 25.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.42 earnings per share. Equities research 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. Stockholders of record on Friday, February 14th will be issued a dividend of $0.73 per share. 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 1.94%. The ex-dividend date of this dividend is Friday, February 14th. 3M’s dividend payout ratio is presently 38.68%.

Insider Buying and Selling

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kevin H. Rhodes sold 6,743 shares of the business’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the transaction, the executive vice president now directly owns 4,902 shares in the company, valued at approximately $734,564.70. The trade was a 57.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,639 shares of company stock valued at $17,163,446. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on MMM. Bank of America increased their price target on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Citigroup increased their target price on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Barclays upped their price objective on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 target price on shares of 3M in a research note on Thursday. Finally, Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, 3M currently has an average rating of “Moderate Buy” and an average target price of $148.87.

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.