3M (NYSE:MMM) Shares Sold by Sippican Capital Advisors

Sippican Capital Advisors trimmed its holdings in 3M (NYSE:MMM - Free Report) by 43.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,110 shares of the conglomerate's stock after selling 9,136 shares during the period. Sippican Capital Advisors' holdings in 3M were worth $1,324,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Markel Corp raised its holdings in shares of 3M by 6.5% during the 1st quarter. Markel Corp now owns 269,750 shares of the conglomerate's stock valued at $40,161,000 after buying an additional 16,550 shares in the last quarter. Axiom Financial Strategies LLC raised its position in 3M by 5.3% in the 1st quarter. Axiom Financial Strategies LLC now owns 6,513 shares of the conglomerate's stock worth $942,000 after buying an additional 326 shares during the last quarter. Dakota Wealth Management bought a new position in 3M in the first quarter valued at about $246,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its holdings in 3M by 17.6% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,532 shares of the conglomerate's stock valued at $972,000 after purchasing an additional 977 shares during the period. Finally, Covestor Ltd boosted its holdings in 3M by 73.0% in the 1st quarter. Covestor Ltd now owns 1,275 shares of the conglomerate's stock worth $190,000 after buying an additional 538 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Price Performance

NYSE:MMM remained flat at $91.31 during midday trading on Monday. 3,674,800 shares of the company were exchanged, compared to its average volume of 6,010,951. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. The stock has a market cap of $50.53 billion, a PE ratio of -7.24, a P/E/G ratio of 1.61 and a beta of 1.02. The business's 50-day simple moving average is $95.95 and its two-hundred day simple moving average is $97.34. 3M has a 1 year low of $71.12 and a 1 year high of $95.67.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The business had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same period in the previous year, the business posted $2.28 earnings per share. The business's revenue was down 1.1% compared to the same quarter last year. On average, sell-side analysts anticipate that 3M will post 8.79 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were issued a dividend of $1.51 per share. The ex-dividend date was Thursday, February 15th. This is a boost from 3M's previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a yield of 6.61%. 3M's payout ratio is currently -47.82%.

Insider Activity at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company's stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the sale, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.38% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

MMM has been the topic of a number of research reports. Wells Fargo & Company reduced their target price on shares of 3M from $112.00 to $105.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 24th. Royal Bank of Canada reduced their price target on 3M from $84.00 to $78.00 and set an "underperform" rating on the stock in a research report on Tuesday, April 2nd. Mizuho restated a "neutral" rating and set a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Bank of America decreased their target price on shares of 3M from $110.00 to $100.00 and set a "neutral" rating for the company in a research report on Tuesday, April 2nd. Finally, Citigroup boosted their target price on shares of 3M from $95.31 to $98.00 and gave the company a "neutral" rating in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $103.50.

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.