Flputnam Investment Management Co. Sells 478 Shares of 3M (NYSE:MMM)

Flputnam Investment Management Co. decreased its holdings in 3M (NYSE:MMM) by 2.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,477 shares of the conglomerate’s stock after selling 478 shares during the period. Flputnam Investment Management Co.’s holdings in 3M were worth $2,514,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MMM. Financial Life Planners bought a new stake in 3M in the 4th quarter valued at $25,000. Proficio Capital Partners LLC acquired a new position in shares of 3M in the fourth quarter valued at $26,000. FSA Wealth Management LLC bought a new position in shares of 3M in the third quarter valued at about $27,000. Daymark Wealth Partners LLC lifted its stake in shares of 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after buying an additional 19,552 shares during the last quarter. Finally, ORG Partners LLC raised its stake in 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after purchasing an additional 98 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the transaction, the insider now directly owns 5,024 shares of the company’s stock, valued at $750,736.32. This trade represents a 55.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction dated 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 in the company, valued at $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. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 in the last ninety days. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Bank of America increased their target price 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. Citigroup raised their price objective on 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 target price on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a research report on Wednesday, February 19th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

3M Stock Performance

Shares of 3M stock opened at $155.25 on Friday. The company’s 50 day moving average price is $142.73 and its two-hundred day moving average price is $135.49. The firm has a market capitalization of $84.29 billion, a P/E ratio of 20.56, a P/E/G ratio of 3.30 and a beta of 0.96. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $155.50. 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 released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter last year, the business posted $2.42 EPS. 3M’s revenue for the quarter 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 fiscal year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is 38.68%.

3M 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.