Clifford Swan Investment Counsel LLC Reduces Stake in 3M (NYSE:MMM)

Clifford Swan Investment Counsel LLC cut its stake in shares of 3M (NYSE:MMM) by 15.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,946 shares of the conglomerate’s stock after selling 10,298 shares during the period. Clifford Swan Investment Counsel LLC’s holdings in 3M were worth $7,351,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Financial Life Planners purchased a new stake in 3M during the 4th quarter valued at $25,000. FSA Wealth Management LLC bought a new position in 3M during the third quarter valued at $27,000. True Wealth Design LLC raised its stake in shares of 3M by 2,466.7% in the third 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 period. ORG Partners LLC raised its stake in shares of 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 acquiring an additional 98 shares during the period. Finally, Catalyst Capital Advisors LLC lifted its holdings in shares of 3M by 81.5% in the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock worth $47,000 after acquiring an additional 163 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at 3M

In related news, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the sale, the chief accounting officer now directly owns 4,417 shares in the company, valued at $662,329.15. This represents a 34.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Michael F. Roman sold 45,276 shares of 3M stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $150.01, for a total value of $6,791,852.76. Following the completion of the transaction, the chairman now owns 175,718 shares in the company, valued at $26,359,457.18. This trade represents a 20.49 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Performance

Shares of 3M stock opened at $155.25 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The stock’s fifty day moving average price is $142.73 and its 200-day moving average price is $135.49. The firm has a market cap of $84.29 billion, a P/E ratio of 20.56, a P/E/G ratio of 3.30 and a beta of 0.96. 3M has a 12 month low of $75.40 and a 12 month high of $155.50.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating 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 business had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter last year, the firm posted $2.42 EPS. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. On average, equities research analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.73 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.88%. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is currently 38.68%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on MMM shares. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. UBS Group raised 3M from a “neutral” rating to a “buy” rating and upped their target price for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Bank of America increased their price target on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Weiss Ratings restated a “hold (c)” rating on shares of 3M in a report on Wednesday, February 19th. Finally, Citigroup increased their target price on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and an average target price of $148.87.

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.