Wells Trecaso Financial Group LLC Sells 150 Shares of 3M (NYSE:MMM)

Wells Trecaso Financial Group LLC reduced its stake in shares of 3M (NYSE:MMM) by 5.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,491 shares of the conglomerate’s stock after selling 150 shares during the quarter. Wells Trecaso Financial Group LLC’s holdings in 3M were worth $322,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in MMM. D.A. Davidson & CO. boosted its position in 3M by 16.2% in the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after buying an additional 20,421 shares during the period. Franklin Resources Inc. boosted its holdings in shares of 3M by 26.8% in the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after purchasing an additional 178,450 shares during the period. Meyer Handelman Co. grew its stake in 3M by 1.4% in the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock worth $25,511,000 after purchasing an additional 2,678 shares in the last quarter. Ballentine Partners LLC increased its holdings in 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after purchasing an additional 5,210 shares during the period. Finally, Stonegate Investment Group LLC raised its position in 3M by 5.6% during the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after purchasing an additional 13,473 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Stock Up 0.4 %

MMM stock opened at $149.64 on Friday. The stock has a market capitalization of $81.49 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 2.46 and a beta of 0.95. 3M has a 52 week low of $75.40 and a 52 week high of $152.08. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The firm has a 50 day moving average of $132.09 and a 200 day moving average of $128.67.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5,770,390 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business’s quarterly revenue was down 25.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.42 earnings per share. Sell-side analysts forecast that 3M will post 7.66 earnings per share for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 1.87%. The ex-dividend date was Friday, November 15th. 3M’s payout ratio is 37.09%.

Analysts Set New Price Targets

Several equities analysts have recently commented on MMM shares. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and raised their price target for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Barclays boosted their price target on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday. Royal Bank of Canada reiterated an “underperform” rating and set a $96.00 price objective on shares of 3M in a research note on Wednesday. Mizuho boosted their price objective on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Finally, Bank of America increased their target price on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $148.87.

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.