3M (NYSE:MMM) Shares Sold by Principle Wealth Partners LLC

Principle Wealth Partners LLC trimmed its position in 3M (NYSE:MMM) by 13.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,102 shares of the conglomerate’s stock after selling 6,867 shares during the quarter. Principle Wealth Partners LLC’s holdings in 3M were worth $4,821,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of 3M by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after purchasing an additional 317,483 shares in the last quarter. Invesco Ltd. raised its holdings in shares of 3M by 2.4% in the 3rd quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock valued at $382,246,000 after purchasing an additional 94,864 shares in the last quarter. Nuance Investments LLC raised its holdings in shares of 3M by 10.1% in the 3rd quarter. Nuance Investments LLC now owns 4,062,557 shares of the conglomerate’s stock valued at $380,337,000 after purchasing an additional 371,935 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of 3M by 1,273.9% in the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after purchasing an additional 3,508,334 shares in the last quarter. Finally, Van ECK Associates Corp raised its stake in 3M by 20.8% during the 3rd quarter. Van ECK Associates Corp now owns 2,944,135 shares of the conglomerate’s stock worth $275,630,000 after acquiring an additional 506,654 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MMM. JPMorgan Chase & Co. cut their price target 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. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Royal Bank of Canada cut their price target on shares of 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 2nd. Bank of America cut their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. Finally, Barclays cut their price target 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. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $104.00.

3M Stock Performance

NYSE MMM traded up $0.42 during trading on Friday, reaching $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 firm has a market cap of $50.82 billion, a price-to-earnings ratio of -7.27, a P/E/G ratio of 1.74 and a beta of 1.02. The business’s fifty day moving average price is $95.71 and its 200-day moving average price is $97.41. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. 3M has a twelve month low of $71.12 and a twelve month high of $95.67.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a $1.51 dividend. This is an increase from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.58%. 3M’s payout ratio is presently -47.82%.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the sale, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.34% of the company’s stock.

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.