Chicago Partners Investment Group LLC Sells 409 Shares of 3M Company (NYSE:MMM)

Chicago Partners Investment Group LLC cut its holdings in 3M Company (NYSE:MMM) by 6.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,954 shares of the conglomerate’s stock after selling 409 shares during the period. Chicago Partners Investment Group LLC’s holdings in 3M were worth $826,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of MMM. Brighton Jones LLC boosted its holdings in 3M by 26.6% in the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate’s stock worth $1,149,000 after buying an additional 1,872 shares during the period. Advisory Services Network LLC boosted its holdings in 3M by 18.7% in the 4th quarter. Advisory Services Network LLC now owns 16,828 shares of the conglomerate’s stock worth $2,172,000 after buying an additional 2,646 shares during the period. Bessemer Group Inc. boosted its holdings in 3M by 2.9% in the 4th quarter. Bessemer Group Inc. now owns 25,837 shares of the conglomerate’s stock worth $3,335,000 after buying an additional 719 shares during the period. Phoenix Financial Ltd. boosted its holdings in 3M by 16.2% in the 4th quarter. Phoenix Financial Ltd. now owns 1,740 shares of the conglomerate’s stock valued at $225,000 after purchasing an additional 243 shares during the period. Finally, Heritage Trust Co bought a new position in 3M in the 4th quarter valued at $277,000. 65.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on MMM. Wells Fargo & Company reissued an “overweight” rating on shares of 3M in a report on Friday, July 18th. Citigroup raised their price target on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, May 30th. Royal Bank Of Canada raised their price target on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, April 23rd. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a report on Tuesday, July 29th. Finally, JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a report on Friday, July 18th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $158.10.

Insider Buying and Selling at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the transaction, the executive vice president owned 6,127 shares in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of the transaction, the insider owned 2,900 shares in the company, valued at approximately $435,522. The trade was a 68.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,316 shares of company stock worth $3,780,296 in the last 90 days. 0.34% of the stock is owned by company insiders.

3M Stock Performance

NYSE MMM opened at $153.33 on Friday. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. The company has a market capitalization of $81.67 billion, a P/E ratio of 21.33, a P/E/G ratio of 2.97 and a beta of 1.05. The company has a fifty day moving average of $149.98 and a 200-day moving average of $146.96.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. During the same period in the previous year, the firm posted $1.93 EPS. The firm’s revenue was up 1.4% compared to the same quarter last year. As a group, equities research analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. 3M’s payout ratio is presently 40.61%.

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.