Umpqua Bank Buys 660 Shares of 3M (NYSE:MMM)

Umpqua Bank grew its stake in shares of 3M (NYSE:MMM) by 22.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 3,560 shares of the conglomerate’s stock after acquiring an additional 660 shares during the period. Umpqua Bank’s holdings in 3M were worth $488,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Financial Life Planners bought a new position in shares of 3M during the fourth quarter valued at $25,000. Proficio Capital Partners LLC bought a new stake in 3M in the 4th quarter worth about $26,000. FSA Wealth Management LLC bought a new stake in 3M in the 3rd quarter worth about $27,000. Daymark Wealth Partners LLC increased its holdings in 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 buying an additional 19,552 shares in the last quarter. Finally, ORG Partners LLC increased its holdings in 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after buying an additional 98 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Stock Performance

NYSE:MMM opened at $150.35 on Friday. 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 has a 1 year low of $85.62 and a 1 year high of $156.35. The stock’s 50 day simple moving average is $148.35 and its two-hundred day simple moving average is $137.47. The company has a market cap of $81.63 billion, a price-to-earnings ratio of 19.91, a PEG ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter in the previous year, the business earned $2.42 EPS. 3M’s revenue was down 25.0% compared to the same quarter last year. As a group, equities analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.94%. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. 3M’s dividend payout ratio is currently 38.68%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on MMM shares. Citigroup raised their target price on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research report on Friday, March 7th. Bank of America raised their target price on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Finally, Barclays lifted their price objective on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, 3M currently has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

Insiders Place Their Bets

In related news, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction on 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 in the company, valued at $662,329.15. This represents a 34.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the company’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 sale, the insider now owns 5,153 shares of the company’s stock, valued at $774,238.25. This trade represents a 24.20 % 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 worth $17,163,446. 0.34% of the stock is currently owned by company insiders.

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.