Geneos Wealth Management Inc. Reduces Stock Position in 3M (NYSE:MMM)

Geneos Wealth Management Inc. lessened its holdings in shares of 3M (NYSE:MMMFree Report) by 2.8% during the fourth quarter, Holdings Channel reports. The firm owned 4,412 shares of the conglomerate’s stock after selling 127 shares during the quarter. Geneos Wealth Management Inc.’s holdings in 3M were worth $570,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FSA Wealth Management LLC bought a new stake in shares of 3M in the 3rd quarter worth approximately $27,000. McClarren Financial Advisors Inc. lifted its position in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 121 shares during the period. True Wealth Design LLC boosted its stake in shares of 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 296 shares in the last quarter. ORG Partners LLC increased its position in shares of 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after buying an additional 98 shares during the period. Finally, Northwest Investment Counselors LLC bought a new position in 3M in the third quarter worth about $57,000. Institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on MMM shares. Mizuho lifted their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Royal Bank of Canada restated an “underperform” rating and set a $96.00 price target on shares of 3M in a research report on Wednesday, January 22nd. Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Citigroup boosted their target price on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Finally, Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $148.87.

View Our Latest Report on MMM

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $150.25, for a total value of $247,161.25. Following the transaction, the insider now owns 5,153 shares in the company, valued at $774,238.25. This represents a 24.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the sale, the insider now owns 5,024 shares of the company’s stock, valued at $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 62,291 shares of company stock valued at $9,339,786 over the last three months. Insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of MMM opened at $151.34 on Wednesday. The company has a market capitalization of $82.42 billion, a P/E ratio of 20.05, a price-to-earnings-growth ratio of 2.46 and a beta of 0.95. 3M has a twelve month low of $75.40 and a twelve month high of $152.96. 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 firm has a 50 day moving average of $133.26 and a 200 day moving average of $129.89.

3M (NYSE:MMMGet Free Report) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same period in the prior year, the company posted $2.42 earnings per share. The company’s quarterly revenue was down 25.0% on a year-over-year basis. As a group, equities research analysts anticipate that 3M will post 7.66 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s payout ratio is presently 37.09%.

About 3M

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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