Washington Trust Bank Decreases Holdings in 3M (NYSE:MMM)

Washington Trust Bank reduced its position in 3M (NYSE:MMM) by 0.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 7,227 shares of the conglomerate’s stock after selling 69 shares during the period. Washington Trust Bank’s holdings in 3M were worth $933,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Thrivent Financial for Lutherans raised its position in shares of 3M by 5.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 64,013 shares of the conglomerate’s stock worth $8,751,000 after purchasing an additional 3,404 shares during the last quarter. Prospera Financial Services Inc raised its holdings in shares of 3M by 11.0% in the third quarter. Prospera Financial Services Inc now owns 11,882 shares of the conglomerate’s stock worth $1,625,000 after acquiring an additional 1,182 shares during the last quarter. Cornerstone Advisors LLC lifted its position in shares of 3M by 5.4% in the third quarter. Cornerstone Advisors LLC now owns 19,600 shares of the conglomerate’s stock valued at $2,679,000 after acquiring an additional 1,000 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of 3M by 8.9% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 389,209 shares of the conglomerate’s stock valued at $53,205,000 after acquiring an additional 31,923 shares during the last quarter. Finally, Intech Investment Management LLC increased its position in 3M by 93.9% during the 3rd quarter. Intech Investment Management LLC now owns 67,385 shares of the conglomerate’s stock worth $9,212,000 after purchasing an additional 32,627 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction that occurred on 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 directly owns 5,024 shares in the company, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of 3M 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 completion of the transaction, the executive vice president now directly owns 194 shares of the company’s stock, valued at $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 113,639 shares of company stock valued at $17,163,446. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MMM shares. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $140.00 to $170.00 in a report on Wednesday, January 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 reaffirmed an “underperform” rating and issued a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a report on Friday, March 7th. Finally, Bank of America lifted their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

3M Stock Performance

NYSE MMM opened at $150.35 on Friday. 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 has a 1-year low of $85.62 and a 1-year high of $156.35. The firm has a market capitalization of $81.63 billion, a P/E ratio of 19.91, a P/E/G ratio of 3.30 and a beta of 0.97. The business’s 50-day simple moving average is $148.35 and its 200-day simple moving average is $137.47.

3M (NYSE:MMM) last announced its quarterly earnings results 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. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the previous year, the company posted $2.42 earnings per share. 3M’s revenue was down 25.0% compared to the same quarter last year. Equities analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

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

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.