3M (NYSE:MMM) Stock Position Lowered by Raab & Moskowitz Asset Management LLC

Raab & Moskowitz Asset Management LLC trimmed its position in shares of 3M (NYSE:MMM) by 6.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,128 shares of the conglomerate’s stock after selling 154 shares during the period. Raab & Moskowitz Asset Management LLC’s holdings in 3M were worth $275,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC lifted its stake in 3M by 1,450.6% in the 3rd quarter. Exchange Traded Concepts LLC now owns 2,419 shares of the conglomerate’s stock worth $331,000 after acquiring an additional 2,263 shares in the last quarter. Redhawk Wealth Advisors Inc. acquired a new position in shares of 3M in the 3rd quarter valued at about $207,000. Procyon Advisors LLC purchased a new stake in shares of 3M in the third quarter worth approximately $222,000. Creative Planning boosted its holdings in shares of 3M by 1.0% during the third quarter. Creative Planning now owns 153,238 shares of the conglomerate’s stock worth $20,948,000 after purchasing an additional 1,475 shares during the period. Finally, Swedbank AB grew its position in 3M by 10.3% during the third quarter. Swedbank AB now owns 418,438 shares of the conglomerate’s stock valued at $57,200,000 after purchasing an additional 39,206 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on MMM shares. Bank of America lifted their target price on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research note on Tuesday, October 22nd. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a report on Saturday, February 1st. Finally, Barclays increased 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. 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 company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $148.87.

3M Stock Performance

Shares of MMM opened at $148.86 on Thursday. The company has a market capitalization of $80.82 billion, a PE ratio of 19.72, a price-to-earnings-growth ratio of 3.37 and a beta of 0.96. 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 one year low of $75.40 and a one year high of $155.00. The company’s fifty day moving average price is $137.82 and its 200 day moving average price is $133.41.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping 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 business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same period in the previous year, the company posted $2.42 earnings per share. The firm’s revenue for the quarter was down 25.0% on a year-over-year basis. As a group, analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.73 per share. The ex-dividend date is Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.96%. 3M’s payout ratio is 37.09%.

Insider Activity

In other news, Chairman Michael F. Roman sold 49,598 shares of the business’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the transaction, the chairman now owns 180,895 shares in the company, valued at approximately $27,550,308.50. The trade was a 21.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $150.25, for a total transaction of $247,161.25. Following the completion of the sale, the insider now owns 5,153 shares of the company’s stock, valued at approximately $774,238.25. The trade was a 24.20 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by company insiders.

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.