Guggenheim Capital LLC Sells 34,165 Shares of 3M (NYSE:MMM)

Guggenheim Capital LLC lowered its holdings in shares of 3M (NYSE:MMM - Free Report) by 30.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 79,551 shares of the conglomerate's stock after selling 34,165 shares during the quarter. Guggenheim Capital LLC's holdings in 3M were worth $10,269,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the stock. Tribune Investment Group LP purchased a new position in shares of 3M during the fourth quarter worth approximately $6,454,000. LaSalle St. Investment Advisors LLC lifted its stake in 3M by 2.5% in the 4th quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate's stock worth $381,000 after purchasing an additional 71 shares in the last quarter. Icon Advisers Inc. Co. raised its stake in shares of 3M by 17.9% in the 4th quarter. Icon Advisers Inc. Co. now owns 33,000 shares of the conglomerate's stock valued at $4,260,000 after acquiring an additional 5,000 shares during the period. CreativeOne Wealth LLC raised its stake in 3M by 22.9% in the fourth quarter. CreativeOne Wealth LLC now owns 16,512 shares of the conglomerate's stock valued at $2,132,000 after buying an additional 3,079 shares in the last quarter. Finally, Mariner LLC boosted its position in shares of 3M by 0.9% in the 4th quarter. Mariner LLC now owns 222,179 shares of the conglomerate's stock valued at $28,681,000 after purchasing an additional 2,017 shares during the period. 65.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MMM has been the subject of several research reports. Barclays cut their price objective on 3M from $165.00 to $160.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Citigroup reduced their price objective on 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Royal Bank of Canada restated an "underperform" rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Bank of America increased their target price on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Finally, Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $146.47.

3M Price Performance

Shares of MMM stock traded down $3.12 during mid-day trading on Monday, hitting $127.09. 1,215,590 shares of the stock were exchanged, compared to its average volume of 4,142,421. 3M has a 52-week low of $90.65 and a 52-week high of $156.35. The company has a market cap of $68.54 billion, a PE ratio of 16.85, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. 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 firm has a fifty day moving average of $144.53 and a 200 day moving average of $138.26.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts' consensus estimates of $1.66 by $0.02. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business's revenue for the quarter was down 25.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.42 earnings per share. Research analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.30%. This is a boost from 3M's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. 3M's dividend payout ratio is 38.68%.

Insider Buying and Selling at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the firm's stock in a transaction on Monday, January 27th. The shares were sold at an average price of $150.25, for a total transaction of $247,161.25. Following the completion of the transaction, the insider now owns 5,153 shares in the company, valued at $774,238.25. The trade was a 24.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 in the last 90 days. 0.48% of the stock is owned by corporate insiders.

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.