Sippican Capital Advisors Has $2.66 Million Position in 3M (NYSE:MMM)

Sippican Capital Advisors lowered its stake in 3M (NYSE:MMM) by 2.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,636 shares of the conglomerate’s stock after selling 550 shares during the period. 3M makes up approximately 1.9% of Sippican Capital Advisors’ holdings, making the stock its 10th biggest position. Sippican Capital Advisors’ holdings in 3M were worth $2,664,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Allen Capital Group LLC grew its stake in 3M by 8.9% in the 4th quarter. Allen Capital Group LLC now owns 3,741 shares of the conglomerate’s stock valued at $483,000 after buying an additional 305 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in 3M by 16.1% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 637,499 shares of the conglomerate’s stock valued at $82,295,000 after acquiring an additional 88,225 shares during the period. Twelve Points Wealth Management LLC grew its position in shares of 3M by 21.8% in the fourth quarter. Twelve Points Wealth Management LLC now owns 5,671 shares of the conglomerate’s stock valued at $732,000 after purchasing an additional 1,015 shares during the last quarter. Stonegate Investment Group LLC increased its stake in shares of 3M by 3.5% in the fourth quarter. Stonegate Investment Group LLC now owns 261,782 shares of the conglomerate’s stock worth $33,793,000 after purchasing an additional 8,935 shares during the period. Finally, Perigon Wealth Management LLC lifted its position in shares of 3M by 5.2% during the 4th quarter. Perigon Wealth Management LLC now owns 30,842 shares of the conglomerate’s stock worth $4,293,000 after purchasing an additional 1,526 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on MMM. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 price target on shares of 3M in a research report on Wednesday, January 22nd. Mizuho upped their target price on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Bank of America upped their price objective on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of 3M in a research note on Saturday, January 18th. Two equities 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $148.87.

Insider Activity

In other 3M news, Chairman Michael F. Roman sold 45,276 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $150.01, for a total value of $6,791,852.76. Following the transaction, the chairman now directly owns 175,718 shares in the company, valued at approximately $26,359,457.18. This trade represents a 20.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the sale, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at $662,329.15. This trade represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 62,291 shares of company stock worth $9,339,786. 0.34% of the stock is owned by corporate insiders.

3M Trading Up 0.1 %

Shares of MMM stock opened at $151.55 on Thursday. The company has a market capitalization of $82.53 billion, a P/E ratio of 20.07, a P/E/G ratio of 2.46 and a beta of 0.95. 3M has a 12-month low of $75.40 and a 12-month high of $152.96. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The firm has a 50-day moving average price of $133.72 and a 200 day moving average price of $130.23.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. 3M’s quarterly revenue was down 25.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.42 earnings per share. Research analysts forecast that 3M will post 7.66 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 1.85%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s payout ratio is presently 37.09%.

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.