Chicago Partners Investment Group LLC Raises Stake in 3M (NYSE:MMM)

Chicago Partners Investment Group LLC lifted its holdings in shares of 3M (NYSE:MMM) by 14.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,363 shares of the conglomerate’s stock after purchasing an additional 794 shares during the quarter. Chicago Partners Investment Group LLC’s holdings in 3M were worth $856,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of the stock. Gilbert & Cook Inc. raised its stake in shares of 3M by 1.5% during the 4th quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate’s stock worth $659,000 after buying an additional 73 shares in the last quarter. CVA Family Office LLC grew its holdings 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 period. Wynn Capital LLC raised its position in 3M by 0.7% in the fourth quarter. Wynn Capital LLC now owns 11,690 shares of the conglomerate’s stock worth $1,509,000 after acquiring an additional 80 shares in the last quarter. Harbour Investments Inc. lifted its holdings in 3M by 0.8% in the third 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 period. Finally, KMG Fiduciary Partners LLC boosted its position in shares of 3M by 0.5% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after purchasing an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on MMM shares. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a research note on Wednesday, January 22nd. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research note on Tuesday, October 22nd. Mizuho boosted their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Citigroup raised their price target on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Finally, Barclays raised their target price on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. 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 company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $148.87.

3M Stock Down 1.4 %

MMM opened at $152.26 on Monday. 3M has a 12 month low of $75.40 and a 12 month high of $155.00. The business has a 50-day moving average of $135.21 and a two-hundred day moving average of $131.08. The stock has a market capitalization of $82.92 billion, a price-to-earnings ratio of 20.17, a price-to-earnings-growth ratio of 3.35 and a beta of 0.95. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

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 analysts’ consensus estimates 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 analyst estimates of $5.77 billion. During the same quarter last year, the business earned $2.42 EPS. 3M’s revenue for the quarter was down 25.0% on a year-over-year basis. On average, research analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 1.84%. 3M’s dividend payout ratio is presently 37.09%.

Insider Transactions at 3M

In other 3M news, Chairman Michael F. Roman sold 49,598 shares of the firm’s 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 transaction, the chairman now directly owns 180,895 shares of the company’s stock, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares of the company’s stock, valued at $750,736.32. The trade was a 55.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,889 shares of company stock worth $16,893,561 in the last three months. 0.34% of the stock is currently owned by company insiders.

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.