D.A. Davidson & CO. Sells 15,121 Shares of 3M (NYSE:MMM)

D.A. Davidson & CO. cut its holdings in 3M (NYSE:MMM) by 10.3% during the fourth quarter, HoldingsChannel reports. The firm owned 131,212 shares of the conglomerate’s stock after selling 15,121 shares during the period. D.A. Davidson & CO.’s holdings in 3M were worth $16,938,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. CIBC Asset Management Inc increased its holdings in shares of 3M by 1.6% during the 4th quarter. CIBC Asset Management Inc now owns 95,753 shares of the conglomerate’s stock worth $12,361,000 after purchasing an additional 1,500 shares during the period. NTV Asset Management LLC increased its stake in 3M by 42.3% during the fourth quarter. NTV Asset Management LLC now owns 2,626 shares of the conglomerate’s stock valued at $339,000 after acquiring an additional 780 shares during the period. Sanctuary Advisors LLC raised its holdings in 3M by 5.9% in the 4th quarter. Sanctuary Advisors LLC now owns 69,397 shares of the conglomerate’s stock valued at $8,958,000 after acquiring an additional 3,850 shares in the last quarter. KLCM Advisors Inc. grew its holdings in shares of 3M by 20.9% during the 4th quarter. KLCM Advisors Inc. now owns 1,838 shares of the conglomerate’s stock worth $237,000 after purchasing an additional 318 shares in the last quarter. Finally, Catalyst Capital Advisors LLC increased its position in shares of 3M by 81.5% during the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock valued at $47,000 after purchasing an additional 163 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

Shares of 3M stock opened at $148.85 on Wednesday. The business has a 50-day moving average price of $139.53 and a two-hundred day moving average price of $134.20. 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 company has a market cap of $80.81 billion, a P/E ratio of 19.71, a PEG ratio of 3.37 and a beta of 0.96. 3M has a 1-year low of $75.40 and a 1-year high of $155.00.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping 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 analyst estimates of $5.77 billion. During the same quarter in the previous year, the firm earned $2.42 earnings per share. 3M’s revenue was down 25.0% on a year-over-year basis. As a group, analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be paid a $0.73 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.96%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is presently 38.68%.

Analyst Ratings Changes

MMM has been the subject of a number of analyst reports. Bank of America raised their price objective on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. UBS Group raised 3M from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 target price on shares of 3M in a report on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their price target on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Citigroup increased their price objective on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Two investment 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.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $148.87.

Insider Activity

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the sale, the insider now owns 5,024 shares of the company’s stock, valued at $750,736.32. This represents a 55.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the business’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $150.25, for a total transaction of $247,161.25. Following the sale, the insider now directly owns 5,153 shares of the company’s stock, valued at approximately $774,238.25. The trade was a 24.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock worth $17,163,446 over the last three months. 0.34% of the stock is currently owned by corporate insiders.

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.