Douglass Winthrop Advisors LLC Sells 396 Shares of 3M (NYSE:MMM)

Douglass Winthrop Advisors LLC lessened its stake in 3M (NYSE:MMM) by 2.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,268 shares of the conglomerate’s stock after selling 396 shares during the period. Douglass Winthrop Advisors LLC’s holdings in 3M were worth $1,971,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. iA Global Asset Management Inc. increased its position in 3M by 1,468.3% during the 4th quarter. iA Global Asset Management Inc. now owns 55,250 shares of the conglomerate’s stock valued at $7,132,000 after purchasing an additional 51,727 shares during the period. Teacher Retirement System of Texas boosted its stake in shares of 3M by 59.8% in the 4th quarter. Teacher Retirement System of Texas now owns 747,954 shares of the conglomerate’s stock valued at $96,553,000 after purchasing an additional 280,015 shares during the last quarter. Royal London Asset Management Ltd. increased its position in shares of 3M by 2.2% during the fourth quarter. Royal London Asset Management Ltd. now owns 232,477 shares of the conglomerate’s stock worth $30,010,000 after buying an additional 5,109 shares during the period. Generali Investments Management Co LLC bought a new position in 3M during the fourth quarter worth $75,000. Finally, Xponance Inc. lifted its holdings in 3M by 1.0% in the fourth quarter. Xponance Inc. now owns 96,536 shares of the conglomerate’s stock valued at $12,462,000 after buying an additional 971 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

MMM stock opened at $151.16 on Friday. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The business has a 50-day simple moving average of $147.96 and a two-hundred day simple moving average of $137.36. The company has a market capitalization of $82.06 billion, a P/E ratio of 20.02, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. 3M has a 52-week low of $85.62 and a 52-week high of $156.35.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $5.77 billion. During the same quarter in the previous year, the firm earned $2.42 earnings per share. 3M’s quarterly revenue was down 25.0% on a year-over-year basis. Research analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a dividend of $0.73 per share. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio (DPR) is presently 38.68%.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the business’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the transaction, the insider now owns 5,153 shares of the company’s stock, valued at approximately $774,238.25. The trade was a 24.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares of the company’s stock, valued at approximately $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,639 shares of company stock valued at $17,163,446. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on MMM. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a report on Friday, March 7th. 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. Barclays increased their price target on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. lifted their price objective on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Bank of America increased their target price on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. Two research 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $149.13.

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.