FineMark National Bank & Trust Sells 989 Shares of 3M (NYSE:MMM)

FineMark National Bank & Trust lessened its holdings in shares of 3M (NYSE:MMM) by 5.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 17,731 shares of the conglomerate’s stock after selling 989 shares during the quarter. FineMark National Bank & Trust’s holdings in 3M were worth $2,289,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MMM. CoreFirst Bank & Trust acquired a new stake in 3M during the 4th quarter worth approximately $114,000. Prudential Financial Inc. raised its holdings in shares of 3M by 2.2% during the fourth quarter. Prudential Financial Inc. now owns 1,440,005 shares of the conglomerate’s stock worth $185,890,000 after acquiring an additional 30,506 shares during the period. Congress Wealth Management LLC DE raised its holdings in shares of 3M by 6.8% during the fourth quarter. Congress Wealth Management LLC DE now owns 10,101 shares of the conglomerate’s stock worth $1,304,000 after acquiring an additional 641 shares during the period. Crowley Wealth Management Inc. acquired a new position in 3M in the 4th quarter worth $146,000. Finally, LPL Financial LLC increased its holdings in 3M by 9.1% during the 4th quarter. LPL Financial LLC now owns 804,916 shares of the conglomerate’s stock worth $103,907,000 after purchasing an additional 67,385 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Up 0.2 %

NYSE MMM opened at $153.53 on Wednesday. 3M has a fifty-two week low of $85.62 and a fifty-two week high of $156.35. The business has a fifty day moving average price of $149.05 and a two-hundred day moving average price of $137.88. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The stock has a market capitalization of $83.35 billion, a PE ratio of 20.34, a PEG ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion during 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 revenue was down 25.0% compared to the same quarter last year. During the same period in the prior year, the company earned $2.42 EPS. Equities analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is 38.68%.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a report on Saturday. JPMorgan Chase & Co. lifted their target price on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Barclays lifted their price target on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Finally, Citigroup lifted their price objective on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $149.13.

Insider Activity

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the transaction, the chief accounting officer now owns 4,417 shares of the company’s stock, valued at $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 in the last three months. Company insiders own 0.34% of the company’s stock.

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.