Kovitz Investment Group Partners LLC Sells 15,503 Shares of 3M (NYSE:MMM)

Kovitz Investment Group Partners LLC lessened its holdings in shares of 3M (NYSE:MMM - Free Report) by 17.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 75,948 shares of the conglomerate's stock after selling 15,503 shares during the period. Kovitz Investment Group Partners LLC's holdings in 3M were worth $9,804,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in MMM. Financial Life Planners acquired a new position in 3M during the 4th quarter valued at about $25,000. Proficio Capital Partners LLC bought a new stake in 3M during the fourth quarter worth approximately $26,000. Hazlett Burt & Watson Inc. bought a new position in 3M during the 4th quarter valued at $27,000. Daymark Wealth Partners LLC raised its stake in shares of 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock worth $31,000 after buying an additional 19,552 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its position in 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after acquiring an additional 214 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

3M Price Performance

NYSE:MMM traded down $0.92 on Thursday, reaching $137.99. The stock had a trading volume of 2,232,800 shares, compared to its average volume of 4,094,859. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The company has a market capitalization of $74.26 billion, a P/E ratio of 18.28, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. 3M has a 1-year low of $95.01 and a 1-year high of $156.35. The stock has a fifty day moving average price of $142.57 and a 200-day moving average price of $138.29.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping the consensus estimate of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. Research analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.12%. This is an increase from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is presently 36.87%.

Insider Activity

In related news, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now owns 194 shares of the company's stock, valued at $29,918.68. This trade represents a 90.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.34% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on MMM. Barclays increased their target price on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Bank of America lifted their price target on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. decreased their target price on shares of 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Thursday, April 24th. Finally, Citigroup decreased their price objective on 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average 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.