3M (NYSE:MMM) Shares Sold by Zacks Investment Management

Zacks Investment Management lessened its holdings in shares of 3M (NYSE:MMM - Free Report) by 9.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 392,986 shares of the conglomerate's stock after selling 38,638 shares during the period. Zacks Investment Management owned about 0.07% of 3M worth $50,731,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Financial Life Planners purchased a new stake in 3M in the fourth quarter worth $25,000. Proficio Capital Partners LLC purchased a new position in 3M in the 4th quarter worth about $26,000. Hazlett Burt & Watson Inc. bought a new stake in 3M during the 4th quarter valued at about $27,000. Daymark Wealth Partners LLC boosted its position in 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock valued at $31,000 after buying an additional 19,552 shares during the period. Finally, Meeder Asset Management Inc. grew its stake in 3M by 230.1% in the 4th 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.

Insiders Place Their Bets

In related news, EVP Victoria Clarke sold 1,750 shares of the company's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now directly owns 194 shares of the company's stock, valued at $29,918.68. This represents a 90.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm's stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the transaction, the chief accounting officer now owns 4,417 shares of the company's stock, valued at $662,329.15. This trade represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,639 shares of company stock valued at $17,163,446. Insiders own 0.48% of the company's stock.

3M Stock Down 0.2 %

Shares of MMM stock traded down $0.30 during trading hours on Friday, reaching $130.16. 4,951,917 shares of the company's stock were exchanged, compared to its average volume of 4,153,305. 3M has a fifty-two week low of $90.65 and a fifty-two week high of $156.35. The stock's 50 day moving average is $144.53 and its 200-day moving average is $138.23. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company has a market cap of $70.20 billion, a price-to-earnings ratio of 17.24, a P/E/G ratio of 3.30 and a beta of 1.01.

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

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a dividend of $0.73 per share. This is a positive change from 3M's previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 2.24%. 3M's dividend payout ratio is presently 38.68%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MMM shares. Citigroup lowered their price target on 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Tuesday, April 8th. Barclays cut their price target on 3M from $165.00 to $160.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Royal Bank of Canada reaffirmed an "underperform" rating and issued a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. cut their target price on shares of 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, 3M presently has an average rating of "Moderate Buy" and a consensus price target of $146.47.

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.