Oppenheimer & Co. Inc. Sells 2,447 Shares of 3M (NYSE:MMM)

Oppenheimer & Co. Inc. lowered its stake in shares of 3M (NYSE:MMM) by 7.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,997 shares of the conglomerate’s stock after selling 2,447 shares during the period. Oppenheimer & Co. Inc.’s holdings in 3M were worth $4,001,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Financial Life Planners bought a new position in 3M during the 4th quarter worth approximately $25,000. FSA Wealth Management LLC acquired a new stake in 3M in the third quarter worth $27,000. True Wealth Design LLC boosted its position in shares of 3M by 2,466.7% during the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 296 shares in the last quarter. ORG Partners LLC grew its holdings in shares of 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after buying an additional 98 shares during the period. Finally, Catalyst Capital Advisors LLC increased its position in shares of 3M by 81.5% in the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock valued at $47,000 after buying an additional 163 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

Shares of NYSE MMM opened at $155.25 on Friday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $155.50. The stock has a market capitalization of $84.29 billion, a price-to-earnings ratio of 20.56, a PEG ratio of 3.30 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. The business has a 50-day moving average of $142.73 and a 200-day moving average of $135.49.

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

3M Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be paid a $0.73 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.88%. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is currently 38.68%.

Insider Activity

In other news, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the sale, 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the transaction, the chief accounting officer now owns 4,417 shares of the company’s stock, valued at $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 in the last quarter. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Citigroup lifted their target price on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. lifted their price objective on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Bank of America increased their target price on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 price target on shares of 3M in a research note on Thursday. Finally, Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $148.87.

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.