Ingalls & Snyder LLC Sells 200 Shares of 3M (NYSE:MMM)

Ingalls & Snyder LLC lessened its holdings in 3M (NYSE:MMM) by 8.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,230 shares of the conglomerate’s stock after selling 200 shares during the period. Ingalls & Snyder LLC’s holdings in 3M were worth $288,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of MMM. FMR LLC increased its position in 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the last quarter. International Assets Investment Management LLC increased its position in 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after acquiring an additional 1,250,491 shares during the last quarter. Jennison Associates LLC bought a new position in 3M during the third quarter valued at $82,208,000. Parsifal Capital Management LP increased its position in 3M by 179.0% during the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after acquiring an additional 526,194 shares during the last quarter. Finally, Bank of Montreal Can increased its position in 3M by 39.1% during the third quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate’s stock valued at $151,002,000 after acquiring an additional 308,912 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is owned by corporate insiders.

3M Stock Down 0.0 %

NYSE:MMM opened at $148.65 on Friday. 3M has a 1-year low of $75.40 and a 1-year high of $155.00. The company has a 50-day moving average of $138.49 and a 200 day moving average of $133.62. 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. 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, topping analysts’ consensus estimates of $1.66 by $0.02. The company 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 firm’s revenue for the quarter was down 25.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.42 earnings per share. As a group, research analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company 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 $0.73 dividend. The ex-dividend date is 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 1.96%. 3M’s payout ratio is currently 37.09%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MMM. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research report on Tuesday, October 22nd. Royal Bank of Canada reiterated an “underperform” rating and set a $96.00 price objective on shares of 3M in a research report on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Bank of America boosted their target price on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note 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 given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $148.87.

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.