SVB Wealth LLC Trims Stock Holdings in 3M (NYSE:MMM)

SVB Wealth LLC lowered its holdings in shares of 3M (NYSE:MMM) by 2.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,593 shares of the conglomerate’s stock after selling 673 shares during the quarter. SVB Wealth LLC’s holdings in 3M were worth $2,579,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of MMM. Moneta Group Investment Advisors LLC boosted its stake in shares of 3M by 73,903.2% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock valued at $798,258,000 after purchasing an additional 6,647,593 shares during the period. Pacer Advisors Inc. boosted its position in 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 buying an additional 3,508,334 shares during the period. Norges Bank bought a new position in 3M in the 4th quarter worth about $369,974,000. Renaissance Technologies LLC increased its position in shares of 3M by 1,889.1% during the first quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock worth $201,971,000 after acquiring an additional 1,288,400 shares during the period. Finally, International Assets Investment Management LLC raised its stake in shares of 3M by 8,766.0% during the fourth quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after acquiring an additional 1,068,748 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MMM shares. Citigroup increased their price objective on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. JPMorgan Chase & Co. dropped their price target on 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday. Barclays cut their price target on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. Bank of America lowered their price objective on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, April 2nd. Finally, Royal Bank of Canada cut their target price on shares of 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, 3M presently has a consensus rating of “Hold” and an average target price of $104.00.

3M Trading Down 0.1 %

NYSE MMM opened at $90.95 on Thursday. 3M has a 52 week low of $71.12 and a 52 week high of $95.67. The company has a 50 day moving average price of $95.81 and a 200 day moving average price of $97.26. 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 firm has a market cap of $50.33 billion, a PE ratio of -7.20, a price-to-earnings-growth ratio of 1.61 and a beta of 1.02.

3M (NYSE:MMM) 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 positive return on equity of 62.45% and a negative net margin of 21.40%. The business had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. During the same period in the prior year, the firm posted $2.28 earnings per share. The business’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, sell-side analysts forecast that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This is a positive change 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 dividend on an annualized basis and a dividend yield of 6.64%. 3M’s payout ratio is presently -47.82%.

Insider Activity

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.34% of the company’s stock.

3M Company 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.