3M (NYSE:MMM) Shares Sold by Mengis Capital Management Inc.

Mengis Capital Management Inc. lessened its stake in 3M (NYSE:MMM) by 1.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 19,389 shares of the conglomerate’s stock after selling 200 shares during the period. Mengis Capital Management Inc.’s holdings in 3M were worth $2,503,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in MMM. Assenagon Asset Management S.A. increased its holdings in 3M by 8.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 22,465 shares of the conglomerate’s stock valued at $3,071,000 after purchasing an additional 1,844 shares during the last quarter. NorthCrest Asset Manangement LLC grew its stake in shares of 3M by 21.5% in the third quarter. NorthCrest Asset Manangement LLC now owns 2,513 shares of the conglomerate’s stock worth $343,000 after acquiring an additional 445 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of 3M by 1.7% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 211,978 shares of the conglomerate’s stock worth $28,977,000 after acquiring an additional 3,480 shares in the last quarter. Frank Rimerman Advisors LLC grew its stake in shares of 3M by 36.8% in the third quarter. Frank Rimerman Advisors LLC now owns 5,181 shares of the conglomerate’s stock worth $708,000 after acquiring an additional 1,394 shares in the last quarter. Finally, Inscription Capital LLC grew its stake in shares of 3M by 41.8% in the third quarter. Inscription Capital LLC now owns 3,329 shares of the conglomerate’s stock worth $455,000 after acquiring an additional 981 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the firm’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $150.25, for a total value of $247,161.25. Following the completion of the sale, the insider now owns 5,153 shares in the company, valued at $774,238.25. This trade represents a 24.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction 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 approximately $29,918.68. The trade was a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 over the last 90 days. Company insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of MMM opened at $145.42 on Tuesday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $155.00. The company has a market capitalization of $78.95 billion, a price-to-earnings ratio of 19.26, a price-to-earnings-growth ratio of 3.30 and a beta of 0.96. The firm has a 50-day simple moving average of $140.94 and a 200-day simple moving average of $134.85. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 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 quarter in the prior year, the firm earned $2.42 earnings per share. On average, equities research analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be given a $0.73 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 2.01%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is presently 38.68%.

Wall Street Analysts Forecast Growth

MMM has been the subject of several research reports. Citigroup boosted their price target on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a report on Wednesday, February 19th. Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 target price on shares of 3M in a report on Wednesday, January 22nd. 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 report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, 3M currently has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

About 3M

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.