Carlson Capital Management Reduces Position in 3M (NYSE:MMM)

Carlson Capital Management trimmed its position in 3M (NYSE:MMM) by 0.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 60,084 shares of the conglomerate’s stock after selling 352 shares during the quarter. 3M comprises 0.3% of Carlson Capital Management’s holdings, making the stock its 19th largest position. Carlson Capital Management’s holdings in 3M were worth $7,756,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Financial Life Planners purchased a new position in 3M during the fourth quarter valued at approximately $25,000. Proficio Capital Partners LLC purchased a new position in 3M during the fourth quarter valued at approximately $26,000. FSA Wealth Management LLC acquired a new stake in 3M in the third quarter valued at approximately $27,000. Daymark Wealth Partners LLC grew its holdings in 3M by 9.0% in the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 19,552 shares during the period. Finally, ORG Partners LLC grew its holdings in 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 98 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the transaction, the insider now directly owns 5,024 shares of the company’s stock, valued at $750,736.32. The trade was a 55.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 49,598 shares of the business’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the transaction, the chairman now directly owns 180,895 shares of the company’s stock, valued at $27,550,308.50. The trade was a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have commented on the company. Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Barclays raised their price objective on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Bank of America raised their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Friday, March 7th. Finally, Citigroup lifted their price target on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Two 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. Based on data from MarketBeat, 3M has an average rating of “Moderate Buy” and a consensus price target of $149.13.

3M Price Performance

NYSE:MMM opened at $153.31 on Tuesday. 3M has a 52 week low of $85.62 and a 52 week high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The company has a market capitalization of $83.23 billion, a P/E ratio of 20.31, a P/E/G ratio of 3.30 and a beta of 0.97. The stock’s fifty day moving average is $146.89 and its two-hundred day moving average is $137.04.

3M (NYSE:MMM) last posted its quarterly earnings data 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 firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company’s quarterly revenue was down 25.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.42 EPS. Equities analysts expect that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. The ex-dividend date was Friday, February 14th. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s payout ratio is currently 38.68%.

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.