Elk River Wealth Management LLC Sells 79 Shares of 3M (NYSE:MMM)

Elk River Wealth Management LLC trimmed its stake in shares of 3M (NYSE:MMM) by 2.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,016 shares of the conglomerate’s stock after selling 79 shares during the quarter. Elk River Wealth Management LLC’s holdings in 3M were worth $389,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in MMM. Allspring Global Investments Holdings LLC raised its position in shares of 3M by 545.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 183,953 shares of the conglomerate’s stock worth $25,146,000 after acquiring an additional 155,435 shares during the last quarter. Copeland Capital Management LLC acquired a new stake in 3M during the third quarter worth approximately $205,000. Raleigh Capital Management Inc. grew its stake in 3M by 2.9% during the third quarter. Raleigh Capital Management Inc. now owns 3,038 shares of the conglomerate’s stock worth $415,000 after purchasing an additional 87 shares during the period. Foundations Investment Advisors LLC grew its stake in 3M by 20.9% during the third quarter. Foundations Investment Advisors LLC now owns 4,195 shares of the conglomerate’s stock worth $573,000 after purchasing an additional 724 shares during the period. Finally, Sequoia Financial Advisors LLC grew its stake in 3M by 12.8% during the third quarter. Sequoia Financial Advisors LLC now owns 33,062 shares of the conglomerate’s stock worth $4,520,000 after purchasing an additional 3,759 shares during the period. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MMM has been the subject of several recent analyst reports. Bank of America raised their target price on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. UBS Group raised 3M from a “neutral” rating to a “buy” rating and raised their target price for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. raised their target price on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Citigroup raised their target price on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a research note on Wednesday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $148.87.

3M Stock Up 0.7 %

Shares of NYSE:MMM opened at $150.11 on Thursday. The stock has a market cap of $81.49 billion, a price-to-earnings ratio of 19.88, a PEG ratio of 3.29 and a beta of 0.96. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 12-month low of $75.40 and a 12-month high of $155.00. The business’s 50 day moving average is $139.94 and its 200 day moving average is $134.31.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M’s quarterly revenue was down 25.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.42 earnings per share. On average, sell-side analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be issued a dividend of $0.73 per share. 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 yield of 1.95%. The ex-dividend date is Friday, February 14th. 3M’s dividend payout ratio (DPR) is 38.68%.

Insider Buying and Selling

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.38% 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.