Smartleaf Asset Management LLC Acquires 766 Shares of 3M (NYSE:MMM)

Smartleaf Asset Management LLC raised its holdings in shares of 3M (NYSE:MMM) by 45.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 2,441 shares of the conglomerate’s stock after buying an additional 766 shares during the quarter. Smartleaf Asset Management LLC’s holdings in 3M were worth $315,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Financial Life Planners bought a new position in shares of 3M in the 4th quarter valued at about $25,000. Proficio Capital Partners LLC purchased a new stake in 3M during the fourth quarter valued at approximately $26,000. FSA Wealth Management LLC bought a new stake in shares of 3M in the 3rd quarter valued at approximately $27,000. Daymark Wealth Partners LLC boosted its holdings in shares of 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 19,552 shares during the period. Finally, ORG Partners LLC increased its position in shares of 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 98 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at 3M

In other 3M news, Chairman Michael F. Roman sold 45,276 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $150.01, for a total value of $6,791,852.76. Following the completion of the transaction, the chairman now directly owns 175,718 shares in the company, valued at approximately $26,359,457.18. The trade was a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the sale, the chief accounting officer now owns 4,417 shares in the company, 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. In the last 90 days, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by corporate insiders.

3M Price Performance

MMM opened at $145.76 on Wednesday. The company has a market capitalization of $79.13 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 3.30 and a beta of 0.96. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a 12-month low of $76.56 and a 12-month high of $156.35. The business’s fifty day simple moving average is $143.53 and its 200-day simple moving average is $135.87.

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

3M Increases Dividend

The business 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 dividend of $0.73 per share. The ex-dividend date is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 2.00%. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is currently 38.68%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Bank of America raised their price target on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a research note on Wednesday, February 19th. Barclays increased their price objective on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their target price on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Finally, UBS Group raised 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 research note on Wednesday, November 13th. Two 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.