Pinnacle Financial Partners Inc Raises Holdings in 3M (NYSE:MMM)

Pinnacle Financial Partners Inc lifted its holdings in shares of 3M (NYSE:MMM) by 2.3% in the fourth quarter, HoldingsChannel reports. The firm owned 13,157 shares of the conglomerate’s stock after acquiring an additional 300 shares during the period. Pinnacle Financial Partners Inc’s holdings in 3M were worth $1,745,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Financial Life Planners purchased a new position in shares of 3M during the 4th quarter worth approximately $25,000. FSA Wealth Management LLC acquired a new position in 3M in the 3rd quarter valued at $27,000. Daymark Wealth Partners LLC raised its holdings 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 acquiring an additional 19,552 shares during the last quarter. ORG Partners LLC raised its holdings in 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after acquiring an additional 98 shares during the last quarter. Finally, True Wealth Design LLC raised its holdings in 3M by 2,466.7% in the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 296 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Down 2.8 %

Shares of 3M stock opened at $144.87 on Friday. The company has a fifty day moving average price of $140.62 and a 200 day moving average price of $134.62. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a twelve month low of $75.40 and a twelve month high of $155.00. The stock has a market cap of $78.65 billion, a price-to-earnings ratio of 19.19, a price-to-earnings-growth ratio of 3.30 and a beta of 0.96.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the prior year, the company earned $2.42 EPS. The firm’s revenue was down 25.0% on a year-over-year basis. Equities research analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.02%. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, February 14th. 3M’s dividend payout ratio is 38.68%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MMM shares. Bank of America boosted their price target on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price target on shares of 3M in a report on Wednesday, January 22nd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and boosted their price target for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a report on Wednesday. Finally, JPMorgan Chase & Co. boosted their price target on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $148.87.

Insider Buying and Selling

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $150.25, for a total value of $247,161.25. Following the completion of the transaction, the insider now directly owns 5,153 shares of the company’s stock, valued at $774,238.25. This represents a 24.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were 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 approximately $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 113,639 shares of company stock valued at $17,163,446. Company 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.