3M (NYSE:MMM) Shares Sold by Blume Capital Management Inc.

Blume Capital Management Inc. decreased its stake in 3M (NYSE:MMM) by 13.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,000 shares of the conglomerate’s stock after selling 150 shares during the period. Blume Capital Management Inc.’s holdings in 3M were worth $129,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Financial Life Planners purchased a new position in 3M during the 4th quarter valued at about $25,000. Proficio Capital Partners LLC acquired a new stake in 3M in the 4th quarter valued at about $26,000. FSA Wealth Management LLC bought a new position in shares of 3M in the 3rd quarter valued at about $27,000. Daymark Wealth Partners LLC boosted its stake in 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 19,552 shares during the last quarter. Finally, ORG Partners LLC increased its stake in 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after purchasing an additional 98 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Trading Down 2.8 %

Shares of 3M stock opened at $145.97 on Friday. The firm’s 50 day simple moving average is $146.01 and its two-hundred day simple moving average is $136.69. 3M has a 12-month low of $85.48 and a 12-month high of $156.35. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The firm has a market capitalization of $79.25 billion, a price-to-earnings ratio of 19.33, a PEG ratio of 3.30 and a beta of 0.97.

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 the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. During the same period last year, the business earned $2.42 earnings per share. 3M’s quarterly revenue was down 25.0% on a year-over-year basis. Analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 2.00%. The ex-dividend date of this dividend was Friday, February 14th. 3M’s payout ratio is currently 38.68%.

Insider Buying and Selling at 3M

In related news, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was 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 directly owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. This trade represents a 34.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Michael F. Roman sold 45,276 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $150.01, for a total transaction of $6,791,852.76. Following the completion of the transaction, the chairman now owns 175,718 shares in the company, valued at approximately $26,359,457.18. This represents a 20.49 % 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 worth $17,163,446 in the last three months. 0.38% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MMM has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research note on Friday, March 7th. JPMorgan Chase & Co. increased 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. Royal Bank of Canada restated an “underperform” rating and set a $96.00 target price on shares of 3M in a research report on Thursday, February 27th. Citigroup lifted their target price on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Finally, Bank of America upped their price target on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, 3M currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.13.

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.