WASHINGTON TRUST Co Cuts Stock Holdings in 3M (NYSE:MMM)

WASHINGTON TRUST Co lessened its holdings in 3M (NYSE:MMM) by 5.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,044 shares of the conglomerate’s stock after selling 326 shares during the quarter. WASHINGTON TRUST Co’s holdings in 3M were worth $661,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Financial Freedom LLC acquired a new stake in shares of 3M during the fourth quarter worth about $25,000. DHJJ Financial Advisors Ltd. purchased a new stake in 3M in the 3rd quarter worth approximately $28,000. CGC Financial Services LLC grew its stake in 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after acquiring an additional 160 shares during the period. Briaud Financial Planning Inc acquired a new position in shares of 3M during the 3rd quarter valued at about $35,000. Finally, Authentikos Wealth Advisory LLC purchased a new position in shares of 3M during the 3rd quarter worth about $37,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

MMM has been the subject of a number of research analyst reports. Mizuho restated a “neutral” rating and set a $105.00 price objective on shares of 3M in a report on Wednesday. Barclays upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $111.00 to $126.00 in a research note on Tuesday, March 19th. Royal Bank of Canada restated an “underperform” rating and issued a $84.00 target price on shares of 3M in a research note on Wednesday, March 20th. Wells Fargo & Company dropped their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. Finally, Citigroup decreased their price objective on shares of 3M from $117.00 to $104.00 and set a “neutral” rating for the company in a report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $107.60.

3M Price Performance

NYSE:MMM traded up $1.45 during trading hours on Thursday, reaching $106.04. 2,072,217 shares of the company’s stock were exchanged, compared to its average volume of 5,068,403. The company has a market capitalization of $58.61 billion, a P/E ratio of -8.35, a price-to-earnings-growth ratio of 1.45 and a beta of 1.00. 3M has a 12 month low of $85.35 and a 12 month high of $113.14. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The business’s 50-day simple moving average is $96.89 and its two-hundred day simple moving average is $97.74.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The firm had revenue of $8.01 billion during the quarter, compared to analyst estimates of $7.69 billion. During the same quarter last year, the business posted $2.28 EPS. The company’s revenue was down 1.1% on a year-over-year basis. Sell-side analysts expect that 3M will post 9.77 EPS for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a $1.51 dividend. This is an increase from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a yield of 5.70%. 3M’s dividend payout ratio is presently -47.82%.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.34% of the stock is owned by insiders.

3M Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.