Mystic Asset Management Inc. Raises Position in 3M (NYSE:MMM)

Mystic Asset Management Inc. increased its holdings in 3M (NYSE:MMM) by 90.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,958 shares of the conglomerate’s stock after purchasing an additional 4,244 shares during the period. Mystic Asset Management Inc.’s holdings in 3M were worth $1,156,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Financial Life Planners purchased a new stake in 3M in the 4th quarter valued at about $25,000. Proficio Capital Partners LLC acquired a new stake in shares of 3M in the fourth quarter worth approximately $26,000. FSA Wealth Management LLC purchased a new stake in 3M in the third quarter valued at approximately $27,000. Daymark Wealth Partners LLC increased its position in 3M by 9.0% during the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 19,552 shares during the last quarter. Finally, ORG Partners LLC raised its stake in 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after purchasing an additional 98 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the sale, the executive vice president now owns 194 shares of the company’s stock, valued at $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’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 transaction, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,639 shares of company stock worth $17,163,446. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MMM. Barclays upped their price objective 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. raised their price objective on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Citigroup lifted their price objective on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research report on Friday, March 7th. Finally, Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 price target on shares of 3M in a research report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $149.13.

3M Price Performance

MMM opened at $153.31 on Tuesday. 3M has a twelve month low of $85.62 and a twelve month high of $156.35. The firm has a market cap of $83.23 billion, a price-to-earnings ratio of 20.31, a PEG ratio of 3.30 and a beta of 0.97. 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 fifty day simple moving average of $146.89 and a 200 day simple moving average of $137.04.

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

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.90%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is presently 38.68%.

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.