Bleakley Financial Group LLC Cuts Stock Holdings in 3M (NYSE:MMM)

Bleakley Financial Group LLC lowered its position in shares of 3M (NYSE:MMM) by 7.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,526 shares of the conglomerate’s stock after selling 975 shares during the quarter. Bleakley Financial Group LLC’s holdings in 3M were worth $1,488,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Gilbert & Cook Inc. lifted its holdings in 3M by 1.5% in the 4th quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate’s stock valued at $659,000 after purchasing an additional 73 shares in the last quarter. Childress Capital Advisors LLC lifted its stake in shares of 3M by 5.1% in the fourth quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate’s stock worth $203,000 after buying an additional 76 shares in the last quarter. CVA Family Office LLC boosted its position in 3M by 1.9% during the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after acquiring an additional 79 shares during the last quarter. Wynn Capital LLC grew its stake in 3M by 0.7% during the 4th quarter. Wynn Capital LLC now owns 11,690 shares of the conglomerate’s stock valued at $1,509,000 after acquiring an additional 80 shares in the last quarter. Finally, Harbour Investments Inc. raised its holdings in 3M by 0.8% in the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after acquiring an additional 81 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and upped their target price for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Mizuho lifted their price target on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Barclays upped their price objective on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. 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’s stock. According to data from MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and an average target price of $148.87.

Insiders Place Their Bets

In other 3M news, Chairman Michael F. Roman sold 49,598 shares of the stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the sale, the chairman now owns 180,895 shares of the company’s stock, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 value of $269,885.00. Following the completion of the transaction, the executive vice president now owns 194 shares of the company’s stock, valued at $29,918.68. The trade was a 90.02 % decrease in their position. 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. 0.38% of the stock is owned by corporate insiders.

3M Stock Down 1.6 %

NYSE:MMM opened at $149.90 on Friday. 3M has a 52 week low of $75.40 and a 52 week high of $155.00. 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 stock’s fifty day moving average is $136.78 and its two-hundred day moving average is $132.21. The stock has a market capitalization of $81.63 billion, a price-to-earnings ratio of 19.85, a price-to-earnings-growth ratio of 3.37 and a beta of 0.96.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 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 return on equity of 100.77% and a net margin of 15.71%. 3M’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same period last year, the business posted $2.42 EPS. Research analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be paid a dividend of $0.73 per share. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.95%. The ex-dividend date is Friday, February 14th. 3M’s dividend payout ratio is presently 37.09%.

About 3M

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.