3M (NYSE:MMM) Shares Sold by Gallagher Fiduciary Advisors LLC

Gallagher Fiduciary Advisors LLC lessened its stake in 3M (NYSE:MMM) by 9.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 14,519 shares of the conglomerate’s stock after selling 1,466 shares during the quarter. Gallagher Fiduciary Advisors LLC’s holdings in 3M were worth $1,874,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Wahed Invest LLC boosted its position in 3M by 3.7% in the 4th quarter. Wahed Invest LLC now owns 13,920 shares of the conglomerate’s stock worth $1,797,000 after purchasing an additional 498 shares in the last quarter. South Plains Financial Inc. purchased a new stake in 3M during the fourth quarter worth $63,000. Mercer Global Advisors Inc. ADV grew its position in 3M by 17.1% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 60,871 shares of the conglomerate’s stock valued at $7,858,000 after buying an additional 8,873 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its holdings in 3M by 5.5% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 152,662 shares of the conglomerate’s stock valued at $19,707,000 after buying an additional 7,900 shares in the last quarter. Finally, Freestone Grove Partners LP acquired a new position in shares of 3M in the fourth quarter worth about $47,658,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of 3M stock opened at $137.99 on Friday. The business’s 50 day moving average price is $142.42 and its 200 day moving average price is $138.31. The company has a market cap of $74.26 billion, a price-to-earnings ratio of 18.28, a PEG ratio of 3.30 and a beta of 1.01. 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 has a one year low of $95.01 and a one year high of $156.35.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. On average, research analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a $0.73 dividend. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 2.12%. 3M’s dividend payout ratio is currently 36.87%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. cut their price target on 3M from $165.00 to $140.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Barclays upped their target price on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 23rd. Citigroup dropped their price target on shares of 3M from $152.00 to $142.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Bank of America upped their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Thursday, April 24th. 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 company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $147.00.

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.