Mitchell & Pahl Private Wealth LLC Sells 336 Shares of 3M (NYSE:MMM)

Mitchell & Pahl Private Wealth LLC lessened its position in 3M (NYSE:MMM) by 1.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,314 shares of the conglomerate’s stock after selling 336 shares during the quarter. 3M comprises about 1.5% of Mitchell & Pahl Private Wealth LLC’s investment portfolio, making the stock its 13th biggest position. Mitchell & Pahl Private Wealth LLC’s holdings in 3M were worth $3,130,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Financial Life Planners acquired a new stake in shares of 3M in the fourth quarter worth $25,000. Proficio Capital Partners LLC bought a new position in shares of 3M during the 4th quarter worth about $26,000. REAP Financial Group LLC raised its position in shares of 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after buying an additional 94 shares during the last quarter. Hazlett Burt & Watson Inc. acquired a new position in shares of 3M during the fourth quarter valued at about $27,000. Finally, Pinney & Scofield Inc. bought a new stake in shares of 3M in the fourth quarter valued at about $28,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Down 1.0%

MMM stock opened at $148.20 on Monday. The business has a fifty day moving average price of $141.33 and a 200 day moving average price of $140.81. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. 3M has a fifty-two week low of $97.68 and a fifty-two week high of $156.35. The stock has a market capitalization of $79.76 billion, a price-to-earnings ratio of 19.63, a P/E/G ratio of 3.30 and a beta of 1.02.

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

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.97%. 3M’s payout ratio is currently 36.87%.

Insider Activity

In other news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the sale, the executive vice president now owns 31,372 shares in the company, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the sale, the executive vice president now directly owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on MMM shares. Barclays upped their price target on 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, April 23rd. Citigroup raised their target price on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday. Royal Bank of Canada lifted their price target on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 23rd. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research note on Saturday, May 24th. Finally, Bank of America lifted their target price on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $153.46.

3M 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.