Davidson Trust Co. Reduces Stock Holdings in 3M (NYSE:MMM)

Davidson Trust Co. lessened its stake in shares of 3M (NYSE:MMM) by 6.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,122 shares of the conglomerate’s stock after selling 140 shares during the quarter. Davidson Trust Co.’s holdings in 3M were worth $274,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. BKM Wealth Management LLC grew its position in shares of 3M by 22.5% during the fourth quarter. BKM Wealth Management LLC now owns 2,598 shares of the conglomerate’s stock worth $335,000 after acquiring an additional 478 shares during the last quarter. Braun Stacey Associates Inc. increased its stake in shares of 3M by 18.4% during the fourth quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate’s stock worth $18,408,000 after acquiring an additional 22,203 shares during the period. Atria Wealth Solutions Inc. raised its stake in shares of 3M by 9.5% during the 4th quarter. Atria Wealth Solutions Inc. now owns 33,955 shares of the conglomerate’s stock worth $4,383,000 after buying an additional 2,950 shares in the last quarter. Venturi Wealth Management LLC raised its position in 3M by 1,436.5% in the fourth quarter. Venturi Wealth Management LLC now owns 5,685 shares of the conglomerate’s stock worth $734,000 after acquiring an additional 5,315 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its stake in shares of 3M by 1.6% in the fourth quarter. CIBC Asset Management Inc now owns 95,753 shares of the conglomerate’s stock valued at $12,361,000 after purchasing an additional 1,500 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

Shares of 3M stock opened at $148.65 on Tuesday. 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 1 year low of $75.40 and a 1 year high of $155.00. The firm’s 50-day simple moving average is $138.80 and its 200-day simple moving average is $133.88. The firm has a market cap of $80.70 billion, a PE ratio of 19.69, a price-to-earnings-growth ratio of 3.37 and a beta of 0.96.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M’s quarterly revenue was down 25.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.42 EPS. Equities analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.96%. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, February 14th. 3M’s dividend payout ratio is 37.09%.

Wall Street Analysts Forecast Growth

MMM has been the subject of several research reports. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a report on Tuesday, October 22nd. JPMorgan Chase & Co. raised their target price on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Royal Bank of Canada restated an “underperform” rating and issued a $96.00 price target on shares of 3M in a report on Wednesday, January 22nd. Citigroup upped their price objective on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Finally, Barclays raised their price target on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $148.87.

Insider Transactions at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now owns 194 shares of the company’s stock, valued at $29,918.68. This trade represents a 90.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the transaction, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at $662,329.15. The trade was a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is currently owned by 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.