GeoWealth Management LLC Trims Holdings in 3M (NYSE:MMM)

GeoWealth Management LLC reduced its holdings in 3M (NYSE:MMM) by 67.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,473 shares of the conglomerate’s stock after selling 5,088 shares during the quarter. GeoWealth Management LLC’s holdings in 3M were worth $319,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Financial Life Planners purchased a new position in 3M during the 4th quarter valued at $25,000. Proficio Capital Partners LLC bought a new stake in shares of 3M during the 4th quarter valued at about $26,000. Hazlett Burt & Watson Inc. purchased a new position in shares of 3M during the fourth quarter valued at about $27,000. Daymark Wealth Partners LLC raised its stake in 3M by 9.0% in the fourth 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, Meeder Asset Management Inc. lifted its holdings in 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock worth $40,000 after buying an additional 214 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Up 8.3 %

Shares of 3M stock opened at $136.50 on Wednesday. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The stock has a market capitalization of $73.62 billion, a PE ratio of 18.08, a P/E/G ratio of 3.30 and a beta of 1.01. 3M has a 1-year low of $90.65 and a 1-year high of $156.35. The company’s fifty day simple moving average is $143.82 and its 200-day simple moving average is $138.18.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. The business had revenue of $5.80 billion during the quarter, compared to analysts’ expectations of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. As a group, equities analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a $0.73 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 2.14%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is currently 38.68%.

Analyst Ratings Changes

Several brokerages have recently issued reports on MMM. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research report on Tuesday, April 8th. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Barclays dropped their target price on shares of 3M from $165.00 to $160.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Bank of America lifted their price target on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Finally, JPMorgan Chase & Co. cut their price objective on shares of 3M from $165.00 to $140.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $146.47.

Insiders Place Their Bets

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the sale, the insider now owns 5,024 shares in the company, valued at $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now owns 194 shares of the company’s stock, valued at approximately $29,918.68. This represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,639 shares of company stock worth $17,163,446. Corporate insiders own 0.34% of the company’s stock.

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.