3M (NYSE:MMM) Shares Sold by White Pine Capital LLC

White Pine Capital LLC lessened its holdings in 3M (NYSE:MMM) by 0.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 97,934 shares of the conglomerate’s stock after selling 410 shares during the period. 3M accounts for approximately 4.1% of White Pine Capital LLC’s investment portfolio, making the stock its 2nd biggest holding. White Pine Capital LLC’s holdings in 3M were worth $10,706,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Briaud Financial Planning Inc bought a new stake in 3M in the third quarter valued at $35,000. Authentikos Wealth Advisory LLC bought a new stake in 3M in the third quarter valued at $37,000. CGC Financial Services LLC lifted its stake in 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after buying an additional 160 shares during the last quarter. VisionPoint Advisory Group LLC lifted its stake in 3M by 91.9% in the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock valued at $42,000 after buying an additional 215 shares during the last quarter. Finally, Psagot Value Holdings Ltd. Israel bought a new stake in 3M in the third quarter valued at $44,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

3M stock traded up $0.42 during midday trading on Friday, hitting $91.83. The company’s stock had a trading volume of 4,520,901 shares, compared to its average volume of 4,283,067. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The stock’s 50-day moving average price is $95.71 and its 200-day moving average price is $97.37. 3M has a 12 month low of $71.12 and a 12 month high of $95.67. The company has a market capitalization of $50.82 billion, a PE ratio of -7.27, a price-to-earnings-growth ratio of 1.73 and a beta of 1.02.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping the consensus estimate of $2.31 by $0.11. The firm had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. 3M’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.28 earnings per share. Analysts anticipate that 3M will post 8.19 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were paid a $1.51 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a yield of 6.58%. This is a boost from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is currently -47.82%.

Insider Buying and Selling

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.34% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Bank of America cut their target price on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. Barclays cut their price objective on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. Citigroup lifted their price objective 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. Mizuho restated a “neutral” rating and set a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. Finally, JPMorgan Chase & Co. cut their price objective on shares of 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, 3M presently has an average rating of “Hold” and an average price target of $104.00.

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.