Bartlett & CO. Wealth Management LLC Lowers Position in 3M (NYSE:MMM)

Bartlett & CO. Wealth Management LLC lowered its stake in shares of 3M (NYSE:MMM) by 8.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 17,288 shares of the conglomerate’s stock after selling 1,557 shares during the quarter. Bartlett & CO. Wealth Management LLC’s holdings in 3M were worth $2,363,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Blue Trust Inc. boosted its holdings in shares of 3M by 8.0% in the 3rd quarter. Blue Trust Inc. now owns 32,523 shares of the conglomerate’s stock worth $4,446,000 after purchasing an additional 2,410 shares in the last quarter. Mogy Joel R Investment Counsel Inc. purchased a new stake in 3M in the third quarter worth approximately $256,000. Moss Adams Wealth Advisors LLC bought a new position in 3M during the third quarter valued at approximately $233,000. Accurate Wealth Management LLC raised its stake in shares of 3M by 2.6% during the third quarter. Accurate Wealth Management LLC now owns 8,425 shares of the conglomerate’s stock worth $1,144,000 after acquiring an additional 211 shares in the last quarter. Finally, KMG Fiduciary Partners LLC lifted its holdings in shares of 3M by 0.5% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after acquiring an additional 84 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Royal Bank of Canada lifted their target price on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and boosted their target price for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Barclays raised their price target on 3M from $145.00 to $160.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Citigroup boosted their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Finally, StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $130.57.

3M Trading Down 0.4 %

NYSE:MMM opened at $135.14 on Friday. The company has a 50-day moving average price of $132.67 and a 200-day moving average price of $112.73. 3M has a 12 month low of $71.12 and a 12 month high of $140.72. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The stock has a market cap of $74.78 billion, a price-to-earnings ratio of -10.62, a P/E/G ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM) last posted its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. The firm had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period last year, the company posted $2.17 EPS. Equities analysts predict that 3M will post 7.24 EPS for the current year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.07%. 3M’s payout ratio is -22.01%.

Insider Buying and Selling

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

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.